Russian nanotechnology company Rusnano, along with Sitronics, a Russian electronics company, and X5 Retail Group, Russia’s largest retailer, have joined in an agreement to bring radio frequency identification (RFID) technologies to Russia’s retail industry.
According to an announcement of the agreement, the new joint venture will not only introduce the technology, but will also develop standards and practices for the commercialization of the technology in Russia. The goal of the joint venture is to open Russa’s first “model grocery store for the future” by 2013 based on X5’s retail platform to demonstrate the viability and RFID.
RFID tags are commonly used by many retail companies around the world such as The Home Depot and Walmart to help with inventory and logistics.
The initial budget for the project is 350 million RUB (US$12.5 million) shared equally by the three participants over two years.
Source: www.freshplaza.com