Austrian concern Strabag and corporation Glavstroy, part of the 'Base
Element' company group of Oleg Deripaska, plans to sign a memorandum
on mutual understanding, involving construction of the 2014 Olympic
Village in Sochi, RIA Novosti reports, citing a joint press-release of
BazEla and Strabag.
According to the memorandumб Strabag will complete construction of
housing and hotels by September 2013 for the Winter Olympic Games in
Sochi.
The project is worth 350 million euro.
Glavstroy holding consists of Glavmosstroy (the general contract
organization for civil construction), Transstroy (construction of
infrastructure), Mospromstroymaterialy and BazelCement (makers of
construction materials). The holding also has works on developer
projects in Moscow and Moscow region. Altius Development, also a
company of the holding, is working on developer projects in Sochi and
Moscow. Glavstroy is a backbone Russian company in the system of
housing and utilities.
Starbag AG was founded in 1835. The company entered the Russian market
in 1991 under the Ilbau brand. In 2001 the concern opened an official
office in Moscow.
