GLONASS satellite system to be incorporated into standalone company

GLONASS: Russia’s Prime Minister Dmitry Medvedev has set about establishing a standalone Open Joint Stock Company to manage Russia’s alternative to the the GPS Global Positioning System, the Global Navigation Satellite System GLONASS. Up until now, the space-based satellite system has been the responsibility of the Russian Aerospace Defence Forces, and under the new arrangement it will remain 100% federally owned. The rationale behind the move is to help roll out the application of the system across a wider range of uses, including the provision of real-time information on road traffic and  accidents; and the the processing, storage and transmission emergency services data.  The authorized capital of the new company will consist of 100,000 ordinary shares each with a nominal value of RUB1,000.