New Delhi, Mar 09: European Bank for Reconstruction and Development is in talks with some major Indian telecom companies for funding telecom projects. "We are in talks with some of the major telecom companies in India for funding telecom projects. But since the talks are in a preliminary stage, the names of the companies cannot be divulged," its head of business development, Bruno Balvanera told a news agency He said the bank is also keen to fund joint ventures of Indian car manufacturers and Russian companies, in Russia. "We feel that the Indian car manufacturing industry is cost-effective and has good designs, which will work in Russia," he said, adding, the Indian car manufacturing industry should take advantage of opportunities and facilities available in that country.

He said EBRD has recently financed a joint venture between a Russian company and general motors to set up a car manufacturing company in Russia.

He exuded confidence that the bank would finalise an agreement for funding projects of 2-3 Indian companies shortly.

EBRD, in which as many as 60 countries hold stake, supports the development of market economies in central and eastern Europe and the Commonwealth of Independent States (CIS) by promoting competition, privatisation and entrepreneurship.

"The fact that India is not the shareholder of EBRD does not prevent us from working with Indian investors," Balvanera said.

Bureau Report