The Russian lender says the two Summit Towers will be completed by 2028 as it expands its physical presence in India

Russian lender Sberbank has bought two business towers in New Delhi and plans to use the properties for a Russia-India trade and cooperation hub, it said at the Eastern Economic Forum in Vladivostok.

The Summit Towers, which are under construction, are expected to be completed by 2028. The acquisition was part of the bank's expansion in India, which includes real estate, Sberbank First Deputy Chairman Aleksandr Vedyakhin said in a statement, TASS reported.

The bank did not disclose a purchase price. Indian media reported in April that Sberbank bought two office towers from state-owned construction company NBCC (India) Ltd. at the planned Bharat Business Park in Sarojini Nagar, South Delhi, for around $210 million (20 billion rupees).

Five of the development's eight towers, covering around 1.4 million square feet, were sold in an auction in April, NBCC said.

The two towers together cover around 500,000 square feet, the Economic Times reported. Bharat Business Park fronts Ring Road, one of New Delhi's main arterial roads, and is close to the World Trade Center, the Bhikaji Cama Place commercial district, and the Hyatt hotel, according to NBCC's auction documents.

Sberbank announced plans in June to open a Russian Business Center in New Delhi, saying it would offer Russian companies operating in India access to banking services as well as legal, tax, and audit support. The bank has operated in India for more than 15 years, with offices in New Delhi and Mumbai, and an IT hub in Bengaluru. It also has plans to expand its presence to ten Indian locations.

The expansion comes as India and Russia seek to deepen economic ties. Bilateral trade stood at around $59.9 billion in India's 2025-26 financial year. The two countries have set a target of $100 billion in annual trade by 2030, while smoother payment mechanisms and regular interaction between businesses have been identified as priorities.

(RT.com)