02:55 GMT +3 hours29 November 2014
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Putin's cousin to produce gyrocopters near Moscow - paper

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A company owned by a relative of Prime Minister Vladimir Putin is to produce gyrocopters for government officials and businessmen at a site near Moscow, a business paper said on Thursday.

A company owned by a relative of Prime Minister Vladimir Putin is to produce gyrocopters for government officials and businessmen at a site near Moscow, a business paper said on Thursday.

The French Aviation Technologies (FAT) company is co-owned by 33-year-old Roman Putin, the first cousin once removed of the Russian premier.

The Kommersant edition quoted Boris Svistkov, Roman Putin's partner, as saying that the company was hoping to manufacture 200 Xenon gyrocopters and make a profit of around a billion rubles ($36 million).

FAT will organize demonstration flights at the Bolshoye Gryzlovo aerodrome south of Moscow on August 9. The prime minister will not be attending, his spokesman told Kommersant.

Gyrocopters are designed for one to three people and are more economical than regular helicopters. They can fly to a distance of 340 km (210 miles) at a speed of 190 km/h (120 mph).