Turkish builder, Renaissance Construction is in talks with the Russian VIS and Italian Astaldi consortium to take part in a $1.5 billion road project in Moscow. According to a report by Russian business newspaper, Vedomosti, Russia needs investors to complete the Central Ring Road project, which was originally planned for 2018 and postponed until 2019.
Now, potential investors want the project completion date to be delayed till 2020. In the project's current plans, private investors will complete approximately 50 percent of a specific part of the road, known as the CRR-4. The construction will cost an estimated 90 billion rubles ($1.5 billion).
Renaissance Construction is a concern of Turkey's Rönesans Holding, which was founded in St. Petersburg in 1993. The company currently operates in Turkey, the Commonwealth of Independent States, Europe, the Middle East and North Africa.
The company mainly works in construction, real estate, and energy generation projects. In Russia, the company has built a number of structures as the main contractor and/or investor including shopping malls, government buildings, hotels, residences, composite structures, heavy industry plants, infrastructure plants, light production plants, factories, government buildings and energy plants.