google ad

google ad

Thursday, December 11, 2014

Highlights: India and Russia deepen energy, defense ties during Putin's Delhi visit - Reuters



NEW DELHI Thu Dec 11, 2014 7:21am EST




NEW DELHI (Reuters) - Indian Prime Minister Narendra Modi and Russian President Vladimir Putin got straight down to talks on Thursday on boosting nuclear and defense cooperation at a summit aimed at reviving an old friendship that has faded over the years.



Putin's one-day visit to India, at which a raft of agreements were signed, comes at a time when Russia is at odds with the West over Ukraine, and its economy is stalling as oil prices tumble to their lowest in five years.



Here are some of the key announcements:



ENERGY



* Russia's state-owned Rosatom will supply 12 nuclear energy reactors to India over 20 years, under an agreement aimed at boosting nuclear energy ties between the two countries.



* India's Essar Group signed a deal with Russian oil producer Rosneft (ROSN.MM) to import oil.



* Russian bank VTB (VTBR.MM) will open a $1 billion credit line to Essar Group, chief executive Andrei Kostin said.



* The Russian Direct Investment Fund will team up with an Indian infrastructure financing company, IDFC (IDFC.NS), to invest $1 billion in hydroelectric projects in Asia's third-largest economy.



* India's Tata Power (TTPW.NS) signed a pact with the Russian Direct Investment Fund to increase energy investment between the two countries.



DEFENSE



* Russia, which is India's top defense supplier, offers to manufacture an advanced helicopter in India.



MINING



* India's top iron ore miner NMDC (NMDC.NS) signed a memorandum of understanding with Akron (AKRN.MM) to buy a stake in a potash mine in Russia.



(Compiled by Tommy Wilkes; editing by Malini Menon)





No comments:

Post a Comment

googlead