Modi, Putin Boost Defence And Nuclear Cooperation

11/12/2014 8:06 PM IST | Updated 15/07/2016 8:24 AM IST
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NEW DELHI, INDIA - DECEMBER 11: Indian Prime Minister Narendra Modi (R) and Russian President Vladimir Putin shake hands as they pose for photos ahead of their meeting at Hyderabad House on December 11, 2014 in New Delhi, India. Putins one-day visit to India is aimed at boosting nuclear and defence cooperation and reviving an old friendship that has faded over the years. (Photo by Mohd Zakir/Hindustan Times via Getty Images)

NEW DELHI - Prime Minister Narendra Modi and Russian President Vladimir Putin got straight down to talks on Thursday on boosting nuclear and defence 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 to import oil.

* Russian bank VTB 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, to invest $1 billion in hydroelectric projects in Asia's third-largest economy.

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

DEFENCE

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

MINING

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

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