The Skolkovo Foundation signed a memorandum of understanding with Bhaum Telecom Ventures Private Limited, a daughter structure of India’s Kanoria Foundation, at the St. Petersburg International Economic Forum (SPIEF) on Thursday.

Skolkovo's Igor Drozdov (right) and Bhaum's Rajinder Sethi shake hands on the agreement. Photo:

Skolkovo chairman of the board Igor Drozdov and Bhaum Telecom Ventures’ representative Rajinder Sethi signed the agreement on establishing a partnership to develop joint projects and initiatives in innovations in both India and Russia.

Under the agreement, Russian startups will be provided with free working space in India with the aim of promoting Russian technology on the Indian market, and Russian and Indian incubators and innovation centres will cooperate.

Bhaum Telecom Ventures and the Kanoria Foundation, a trust run by the family of the same name, are headquartered in the eastern Indian city of Kolkata.

Skolkovo startups and foundation representatives are out in force at SPIEF, which opened on Thursday and runs through Saturday.