Leaders of the two countries on October 15, 2016 in Gao India, signed a total of 16 agreements ranging from defence, energy to investment.
Russia will supply defence weapons to India ranging from S-400 Triumf air defense missile defense system, three Project 11356 frigates as well as 200 Kamov 226T multi-use helicopters, Russia Beyond the Headlines press organ reported. This is one of the major highlights of the agreements Indian Prime Minister Narendra Modi and Russian President, Vladimir Putin penned on October 15, 2016 in the western Indian State of Gao along the sidelines of the BRICS summit that held in the area.
Speaking at a joint press conference while penning the agreements in their 17th annual bilateral summit, Prime Minister Narendra Modi said, “The agreements on manufacturing of Kamov 226T helicopters, construction of frigates; and acquisition and building of other defense platforms are in synergy with India’s technology and security priorities.” He said, India appreciated “Russia’s understanding and support of our actions to fight cross-border terrorism that threatens our entire region.”
In the energy sector, Russian oil major Rosneft, along with its partners, bought India’s Essar Oil in an all-cash deal, which is valued at almost 13 billion U.S. Dollars. The Russian Direct Infrastructure Fund and India’s National Infrastructure Investment Fund will each invest 500 million U.S. Dollars to create a joint 1 billon U.S. Dollars infrastructure fund for India
Russian President Vladimir Putin said, “Nuclear energy will make a very significant contribution to the energy security of India. It will give an additional impetus to the growth of the Indian economy.” Stating that Russia will continue to promote more development of nuclear energy in India, Mr Putin said “In the next 20 years, at least another 12 nuclear reactors could be built in India with Russian assistance.”