Russian Billionaire Aims to Control Glonass to Make it More Competitive

by Matt Ball on October 13, 2010

Russian billionaire Vladimir Yevtushenkov has announced plans to consolidate control of Glonass through his holding company AFK Sistema in order to make the project more competitive with GPS. He announced intent to acquire a 51-percent stake for as much as 484 million rubles ($16 million). The aim is to create a more commercial operation from the venture in order to push both consumer and industry demand for the services. The announcement comes on the eve of widespread Glonass adoption as Glonass-enabled equipment is set to become widely available in 2011.

Read more in this news story from Bloomberg.

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