Russian Billionaire Invests in Remote Sensing Company Skanex
Billionaire Arkady Rotenberg has invested $28 million and bought the majority share in Skanex, a leading provider of remote sensing in Russia. Analysts believe that the businessman is interested in the possibility of participating in the establishment of a real-estate cadaster, to which a sum of about $1.7 billion is allocated.
The company does 80% of its business with the government and serves Yandex (the Russian search engine) imagery for mapping offerings. But the future looks even brighter for Skanex since Russia has allocated funds for a nationwide cadastre.
In early October 2013, the Russian government approved the federal target program "Development of a unified state system of registration of the real-estate cadaster" for the period of 2014–2019.
The volume of its financing should reach 54 billion rubles ($1.7 billion). Skanex has a good chance of competing in the bid for participation in the project, according to FCG partner Alexander Minkin. "Mr. Rothenberg set his sights on the money," said IFH FIBO Group analyst Vasily Yakimkin.
Under the federal target program, by January 1, 2017, all subjects of the Russian Federation will move to a single open geocentric coordinate system, which will increase the accuracy of the state real-estate cadaster, reduce the time of state registration of rights and cadastral registration (up to seven and five days, respectively), and increase the share of public services provided in electronic form to at least 70 percent of the total volume.