Said Batkibekov, director for social and economic strategy at the Economic Development and Trade Ministry, said the company would consist of at least 10 sectoral venture funds.
"I believe we will complete all the necessary preparations in two months, including the approval of the corporate charter, the management board and director general," he said.
Under the project, money from the Investment Fund will be invested in the charter capital of the company, which will finance venture funds. The funds, which will also have private financing, will invest in new, high-tech companies. The government has singled out this area to revitalize the country's industrial base as it seeks to diversify the economy away from commodity exports.
The state will invest from 600 million rubles ($23 mln) to 1.5 billion rubles ($56 mln) in sectoral venture funds' charter capital, but its control will be limited to 49% of stock, Batkibekov said.
He said the ministry sought to announce tenders on management companies for sectoral venture funds by the end of the year or early in 2007.
The official confirmed plans announced Monday by Minister German Gref to channel 15 bln rubles ($5.5 bln) into the venture company in the next two years: 5 bln rubles ($1.8 bln) this year and 10 bln ($3.7 bln) next year.
Yury Ammosov, head of the ministry private-government partnership department, said the venture had been already registered as a 100% state-controlled joint stock company, but will receive funds from the Investment Fund after the government adopts legislation.
He added that sectoral venture funds would be created as unit investment funds.
"It is almost impossible to withdraw money from a unit investment fund," he said. "These funds are transparent, and the Federal Service for Financial Markets will be closely watching them."
Ammosov said only major management companies with experience in venture and direct investment would be considered in tenders.
"If a company has done nothing other than trade in blue chips, its bid will be rejected," he said. "We need experts."
President Vladimir Putin said in early July that a pilot investment fund for information technologies would be set up to support companies working in the sphere for three years.
