Russia's RDIF, Italy’s Barilla to invest in pasta maker's expansion in Russia
MOSCOW, Oct 14 (Reuters) - Italian pasta maker Barilla is set to expand in Russia with the backing of more than 100 million euros ($117 million) over three years from parent Barilla Group and RDIF, the Russian sovereign wealth fund said on Wednesday.
Barilla will use the investment to build a new mill for production of durum wheat semolina in Russia and then a new semolina pasta plant in the Moscow region, RDIF said in a statement.
"Our joint investment in Barilla Rus is an important step towards resuming economic activity in Russia suspended by the coronavirus pandemic," Kirill Dmitriev, RDIF chief executive, said in the statement.
"It will also add to the successful economic cooperation between Russia and Italy," he added.
Russia, with a population of about 145 million, has the fourth highest number of COVID-19 infections in the world, behind the United States, India and Brazil.
Financing for the project will be provided in tranches, with the first investment already completed by the parties, RDIF said.