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. Last Updated: 07/27/2016

Yevroset to Open First India Shops

Phone retailer Yevroset said Friday that it could open its first stores in India this year and will use funds from an initial public offering to expand there.

The company may hold an IPO in the second half of 2008 or early 2009, chief financial officer Alexander Papin said at a meeting with investors. Most funds raised will be spent on Indian stores and the rest on overall development, he said.

Yevroset is targeting India because the Russian market is becoming saturated with stores. The company has taken a more positive stance since co-owner and chairman Yevgeny Chichvarkin said last month that Yevroset might drop the plan for India because the state does not allow foreigners to own local retail chains and it might be too expensive to bypass the law.

"We have resolved the problem," Papin told investors. "PricewaterhouseCoopers in India has done a report. Real expansion will begin after the IPO."

The company, co-owned by Chichvarkin and board member Timur Artemyev, may sell about one-fifth of its stock in an IPO in Russia and possibly abroad.

Revenue may increase 21 percent to $3.5 billion this year, Yevroset said in a report Friday.

The company, which has about 41 percent of the country's handset sales, forecasts 5,100 outlets by the end of the year. The store count stood at 4,883 in 11 former Soviet countries at the end of June.