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. Last Updated: 07/27/2016

Sistema Aims to Invest $400M in Health Care

Diversified company Sistema said Tuesday that it planned to invest about $100 million per year until 2011 in expanding its health care services.

The company, which gets the bulk of revenues from mobile phone operator, Mobile TeleSystems, said it would create a chain of 100 clinics.

"The paid-for health care services sector is one of our key areas for growth," Sistema chief executive Alexander Goncharuk said.

"The health care services market presents considerable growth opportunities and we intend to become a leading player in this fast-developing marketplace," Goncharuk said in a statement.

Goncharuk told German newspaper Die Welt that Sistema was considering cooperating with German partners in the area of medicine, but gave no other details.

Sistema's health care division currently comprises 14 clinics in Moscow and 12 in the regions that are being integrated into the Medsi Companies Group.

Goncharuk told Die Welt that Sistema planned to broaden its expansion into southeast Asia and was considering investing in Indonesia and Vietnam.

After entering the region by acquiring an Indian mobile phone company, Sistema plans to win more business in the region as markets in northern and central Europe are already controlled by competitors, Goncharuk said.