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Yandex, VTB and partners to invest over $14 mln in server production

MOSCOW, Oct 6 (Reuters) - Russian internet giant Yandex on Wednesday said a joint venture with state-owned VTB Bank and other partners to produce servers would initially invest more than 1 billion roubles ($14 million).

Yandex's JV with VTB, IT group LANIT and computer equipment manufacturer Gigabyte has started building a factory in Ryazan, around 180 kilometres (112 miles) southeast of Moscow, with the first server expected to be produced by the end of 2022.

The factory will produce equipment under a new brand, Openyard.

Yandex and VTB signed an agreement at the St Petersburg International Economic Forum earlier this year, but had not previously disclosed investment plans or the factory's location.

($1 = 72.5790 roubles) (Reporting by Gleb Stolyarov and Alexander Marrow; editing by Jason Neely)