Russia To Sign Over 10 Bn Dollar Deals With India (11-Mar-2010)
Putin''s deputy, Sergei Sobyanin stated that during the visit of Prime Minister Vladimir Putin, Russia is planning to ink over $10 billion worth of deals with India.
Meanwhile, the deals will range from contracts for the joint design of a fifth-generation fighter jet and production of multi-purpose transport planes to agreements to supply Russian mineral fertilizers and build new nuclear reactors.
He said that the overall volume of trade and economic agreements will exceed $10 billion.
Sobyanin chairs the Russian-Indian inter-government commission.
On the other hand, he also said ONGC had expressed interest in involve itself in the development of oil and gas fields on the Yamal peninsula in the Russian Arctic.
Previously, it was said that for the development of fifth generation fighter aircraft (FGFA), India and Russia are likely to ink the first of a series of agreements.
This is in order to meet innovative requirements of the Indian Air Force during Russian Prime Minister Vladimir Putin''s visit to New Delhi later this week.
They expect to ink the agreement for the development of FGFA design and its technical parameters after March 10.
Earlier, it was said that India and Russia is likely to finalize a $1.2 billion deal this week under which Russia will supply more than 2 dozen MiG-29 fighter jets to India''s navy.
The proposed deal comes after the 2 countries agreed on a 10-year military pact in December.
A Russian team is likely to arrive this week in New Delhi in order to finalize the sale after the Indian government cleared the acquisition.
The pact was done in order to cover the weapons development, aircraft and maintenance contracts worth more than $5 billion.
Meanwhile, the navy plans to buy 29 MiG-29 planes while Russia will also lease to India in 2010 its new Nerpa nuclear-powered submarine.
India''s close economic and political partner, Russia since Soviet days, is one of the world''s major arms exporters while during the talks, the Indian defense officials will ask the Russian delegation to accelerate delivery of pending military equipment.
Moreover, the Centre also complains of delays in supply of a refitted aircraft carrier which in turn resulted in huge cost overrun and affecting military planning.
On the other hand, India voiced confidence that its agreement with Russia on a 10-year military and technical cooperation from 2011 will boost the operational capability of its defense forces in the next decade.
The agreement was among the 3 defense pacts inked between India and Russia after the annual summit talks between Prime Minister Manmohan Singh and Russian President Dmitry Medvedev.
It provides for acquisition, licensed production, upgrades and modernization of defense equipment as well as the development of new and advanced weapon systems.
Moreover, Prime Minister Manmohan Singh stated the importance of India and Russia in sustaining global economic revival and said the two countries have decided to take bilateral trade to a much higher level of $20 billion by 2015.
Singh identified energy, information technology, communications and pharma sectors as areas of mutual cooperation between the two countries and lauded greater participation of Moscow in expanding New Delhi''s nuclear energy programme.
Top News Today
 Godrej Properties, Mumbai based real estate developer launched its new residential project Godrej Alpine in Mangalore. It aims to complete 499-apartment Godrej Alpine for occupation in 36 months. Godrej
 Mahindra & Mahindra, auto major has stopped the second phase of booking for its latest sports utility vehicle XUV500. It has received over 25,000 orders in a period of 10 days from January 25 to February
 Reliance Power, the Anil Ambani group company's 2,400-MW Samalkot plant in Andhra Pradesh is likely to be ready for electricity generation this fiscal. It will install six gas turbines at the plant having
|
International Stock News
 The US markets rose on Monday, sending the Dow industrials to their highest close since 2008, as Greece's government made progress on measures to secure international aid. Also, a Labor Department report
 The US markets made a mix closing on Thursday, as a drop in jobless claims fueled optimism about the economy and investors looked to the next day's employment report as the next indicator of the economic
 The US markets made a mixed closing on Tuesday, with the indices mostly slipping after US economic data failed to live up to expectation. The reports showed that American consumer confidence trailed estimates
|
|
|