UPDATE 1-Greece completes first major privatisation since bailout
* Selling state assets key condition for international lending
* Greece targeting 1.6 bln euros in sales this year
* OPAP deal worth 652 million euros
* Greece targeting 24 bln euros in sales by 2020
* Analysts say targets will be hard to achieve (Updates with new management at OPAP, quotes)
ATHENS, Oct 11 (Reuters) - A Czech-Greek fund completed its acquisition of a controlling stake in betting monopoly OPAP on Friday, belatedly marking the first major privatisation under Greece's international bailout plan.
Selling state assets is a key condition of Greece's 240 billion-euro rescue and the government is aiming to raise 1.6 billion euros from privatisations this year and 24 billion by 2020.
Most analysts expect the target to be hard to reach because of red tape and weak investor interest.
Friday's deal with Emma Delta was clinched in May but it took several months of contractual wrangling for the acquisition to be sealed.
Greece has received about 950 million euros from privatisations since January, including the OPAP stake, and is eyeing a further 270 million from the sale of its natural gas grid operator DESFA and the last tranche of a videolottery licence.
It also plans to sell its horserace betting rights, the former Hellinikon airport, a majority stake in Thessaloniki Water Company and some land and state buildings by the end of the year.
The big ticket sale in 2014 is expected to be a stake in Greece's biggest oil refinery Hellenic Petroleum which could fetch between 700 and 800 million euros.
Emma Delta, controlled by Czech investor Jiri Smejc and Greek businessman George Melissanidis, paid 622 million euros ($841 million) for a 33 percent stake in OPAP. The fund will pay an additional 3 million euros a year for the next 10 years.
After concluding the purchase, the fund replaced 10 members out of the eleven in OPAP's board and appointed Czech banker Kamil Ziegler as new chairman and chief executive officer.
"During a time of transition for the domestic economy, we are committed to investing in the company and in Greece over the long term," Ziegler said.
Ziegler, 51, led the former Czech betting monopoly Sazka after it was sold to a joint venture between PPF, the investment group owned by the richest Czech Petr Kellner, and Czech investment group KKCG in 2011.
Michal Houst, who has been in charge of Emma Delta's preparations to take over OPAP, will oversee the group's finances, Emma Delta said.
OPAP, one of Europe's biggest listed betting firms, with gross gaming revenues of 1.3 billion euros last year, holds a monopoly in sports betting and in lotteries until 2020 and 2030 respectively.
It is pursuing an aggressive expansion plan into the video lotto and online betting and the new management is expected to push forward this strategy.
"We are committed to the long-term growth of the group, which we will pursue by creating value throughout the enterprise and making OPAP more cost efficient," Smejc said in a statement.
Other investors in Emma Delta include Czech-based KKCG, Italy's Lottomatica, Greek businessman Christos Copelouzos, Russia's ICT Group and Slovakia's J&T Finance.
Shares in OPAP rose 1.3 percent at 1200 GMT on the Athens Stock Exchange, outperforming the broader Greek market which shed 0.4 percent. (Reporting by Angeliki Koutantou; Editing by David Cowell)