India announced that it will buy the S-400 Triumf air defence systems from Russia, worth over USD 5 billion, and collaborate in making four state-of-art frigates, besides setting up a joint production facility for making Kamov helicopters.
The deals were announced following talks held between Prime Minister Narendra Modi and Russian President Vladimir Putin on the sidelines of the BRICS Summit.
The development comes as Russia hopes to stave off tough competition from the Americans and the Europeans to continue being India’s foremost defence supplier.
The two countries also signed a deal to pave the way for a group led by Russian oil major Rosneft to acquire India’s Essar Oil. The group will acquire Essar Oil in a deal worth $12 billion to $13 billion, including debt, two sources privy to the deal told Reuters.
2.21 pm: Mr. Putin says: ‘Industries of both countries are improving cooperation; military and technical cooperation is also improving’.
2.07 pm: The Prime Minister also appreciated Russia’s clear stand on terrorism.2.05 pm: Mr. Modi said “Cross border terrorism threatens entire region.”
2.02 pm: India proposes 8 new nuclear reactors from Russia. India will enlarge Indian presence in hydrocarbon sector, Mr. Modi said.
2.00 pm: Mr. Modi said, “Ka226T helicopters, frigates are new chapters in long history of partnership.”
1.59 pm: Prime Minister Narendra Modi begins speech. Mr. Modi starts his speech with “An old friend is better than 2 new friends.”
1.58 pm: Mr. Modi and Mr. Putin begin work at Kudankulam Unit 3 and 4 by button pressing
1.50 p.m.: Here are a list of MoUs and deals India and Russia have signed:
Andhra Pradesh smart city project
Shipbuilding in Andhra Pradesh
Haryana smart city project
Rosneft and Essar oil refinery infrastructure development
Rosneft and OVL energy agreement
Nagpur Secundrabad Hyderabad high speed train
Ka226 helicopter deal
Energy cooperation agreement for 2016 and ’17
Protocol for consultation between two foreign ministries of India and Russia
Cyber security MoU
Intergovernmental agreement on purchase of frigates from Russia
S400 missile system deal
Joint India Russia partnership for global security will be concluded today
Kudankulam Unit 3 and 4 nuclear power plants ground laying in minutes.
Special mention: Kudankulam unit 2 has begun generating energy.
India Rusdia sign 18 agreements. A few likely to be announced later today.
1.45 p.m.: “We usually carry out inter governmental discussion for finalising defence deals. We are headed for major defence deals that will be announced today,” says Mr. Parrikar.
1.30 p.m.: Defence Minister Manohar Parrikar, Energy Minister Dharmendra Pradhan and NSA Doval in attendance at the India-Russia press briefing.
12.45 p.m.: Chinese Premier Xi Jinping lands in Goa.
Russia President Vladimir Putin in Goa. Photo: Prashant Nakwe12.30 p.m.: Prakash Kamat reports: A couple of flights carrying international leaders like Russian President Vladimir Putin and delegations from Russia landed late at Dabolim airport in south Goa due to foggy conditions on Saturday morning.
It led to inconvenice to a large number of passengers at the airport with change in their flight schedules and subsequently to the commuters on the sanitised route from airport to BRICS summit venue.
12 noon: Prime Minister Narendra Modi Russian President Vladimir Putin greet each other prior to their annual bilateral meeting in Goa on October 15, 2016. Photo: AP11.45 a.m.: Vladimir Putin and Narendra Modi to address the press and witness the signing of agreements from the 17th India-Russia annual summit.
11.40 a.m.: Officials say defence deals for the Rs. 39,000 crore Triumf missile system, 200 Kamov helicopters are expected to be announced.
11.35 a.m.: India-Russia bilateral begins: defence and energy cooperation likely to see a slew of agreements, terror will be at the top of the agenda.