Rizzani de Eccher SpA, an Italian developer, plans to invest about 1 billion euros ($1.2 billion) in Russia’s OAO Northern Caucasus Resorts, Vedomosti reported today, citing the operator of the ski, beach and spa resorts.
Rizzani de Eccher plans to build hotels and commercial infrastructure in the southern Russian tourist region, the newspaper said.
A protocol of intent between the two companies will be signed today during Italian Prime Minister Mario Monti’s visit to Russia, according to a Kremlin e-mailed statement yesterday.
To contact the reporter on this story: Anna Shiryaevskaya in Moscow at firstname.lastname@example.org
To contact the editor responsible for this story: Will Kennedy at email@example.com