India-Russia sign 16 agreements across diverse sectors

indo-russia India-RussiaIndia-Russia on Saturday signed 16 agreements across diverse sectors following delegation-level talks co-chaired by Prime Minister Narendra Modi and Russian President Vladimir Putin here. Among the agreements signed were inter-governmental agreements (IGAs) for procurement of the S-400 air defence system and construction of 1135.6 series of frigates through partnership between Russian and Indian shipyards.

Another agreement was signed to set up a joint venture to manufacture the Ka-226T helicopter in India. A memorandum of understanding (MoU) was signed for setting up an investment fund of $1 billion by the National Investment and Infrastructure Fund (NIIF) and the Russian Direct Investment Fund.

Agreements were also signed for developing smart cities in Andhra Pradesh and Haryana, and for developing transport logistics systems for such cities. Another important agreement was signed between Gazprom and Engineers India Limited (EIL) for the joint study of a gas pipeline to India from Russia and other areas of cooperation.

According to a separate agreement, a Russian consortium comprising energy giant Rosneft Oil Company, commodities trader Trafigura and private investment group United Capital Partners agreed to purchase 98 percent of Essar Oil for $10.9 billion.

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