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$16 Billion Investment Fund Set up for Telecoms Investments

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Smaller struggling telecoms firms could get a cash injection after the Russian billionaire Mikhail Fridman set up a USD16 billion investment fund.

Working with others, he has set up the fund, LetterOne Technology (L1Technology)  to buy telecom companies that require a fresh infusion of capital or technology.

The new investment company, L1Technology will also act as a holding company for the 48 percent that Fridman and his partners own in VimpelCom and 13 percent they own in Turkcell.

With those assets, the fund is expected to be able to stretch its investments to USD25 billion, the Financial Times reported.

L1Technology has not commented on the report.

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