Sun, Severstal plan $100mn Russian B-School

India's Sun Group and Severstal Steel of Alexei Mordashov have joined hands, along with 12 other Russian and foreign companies, to set up a $100 million business school in Russia.

The Skolkovo School of Management is scheduled to become fully functional by 2009.

Russian President Vladimir Putin lauded the effort while laying the foundation stone of the school at Skolkovo yesterday.

"Due to our strong historic relations with the Russian business community spanning nearly five decades, we are proud to be one of the school's founding partners," Shiv Khemka, vice chairman of Sun Group, said.