Consortium Forms To Bid On $2.5B Russian Highway Project

Law360, New York (September 4, 2013, 9:14 PM EDT) -- The Russian Direct Investment Fund announced Tuesday it has teamed up with Macquarie Russia & CIS Infrastructure Fund, Lider CJSC and Gazprombank OJSC to bid for the construction of an 88-mile section of a new toll road connecting Moscow and St. Petersburg, which they estimate will cost $2.5 billion.

The initial cost of building the section of the M11 road from Veliky Novgorod to the ring road around St. Petersburg will be 83 billion rubles ($2.5 billion), 25 percent of which will be financed by private...
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