**Sberbank Acquires Business Towers in New Delhi for Trade Hub**
In a significant move to bolster economic ties between Russia and India, Sberbank, the largest bank in Russia, has purchased two business towers in New Delhi. The acquisition aims to establish a Russia-India trade and cooperation hub, as announced during the Eastern Economic Forum held in Vladivostok. The towers, known as the Summit Towers, are currently under construction and are projected to be completed by 2028.
Sberbank's First Deputy Chairman, Aleksandr Vedyakhin, confirmed the acquisition, highlighting it as part of the bank's broader expansion strategy in India, which encompasses investments in real estate. While the bank did not disclose the exact purchase price, reports from Indian media suggest that the towers were acquired from the state-owned construction company NBCC (India) Ltd. for approximately $210 million (around 20 billion rupees). This transaction was part of an auction held in April, during which five of the eight towers in the Bharat Business Park development were sold.
The two towers acquired by Sberbank collectively cover about 500,000 square feet. The Bharat Business Park is strategically located along Ring Road, one of New Delhi’s primary thoroughfares, and is in proximity to key landmarks such as the World Trade Center, the Bhikaji Cama Place commercial district, and the Hyatt hotel.
Sberbank's expansion in India is not limited to real estate. Earlier this year, the bank announced plans to establish a Russian Business Center in New Delhi. This center is intended to provide Russian companies operating in India with essential banking services, as well as legal, tax, and audit support. Sberbank has been active in India for over 15 years, maintaining offices in New Delhi and Mumbai, along with an IT hub located in Bengaluru. The bank also aims to expand its presence to ten locations across India.
The acquisition and subsequent establishment of the trade hub come at a time when India and Russia are working to deepen their economic relationship. Recent statistics indicate that bilateral trade between the two nations reached approximately $59.9 billion during India’s 2025-26 financial year. Both countries have set an ambitious goal of achieving $100 billion in annual trade by 2030. To facilitate this growth, there is a focus on developing smoother payment mechanisms and enhancing regular interactions between businesses.
As Sberbank continues to expand its footprint in India, the establishment of the trade hub is expected to play a crucial role in fostering economic collaboration between the two nations. The investment in the Summit Towers is a clear indication of Sberbank's commitment to strengthening ties and enhancing trade opportunities in the region.