Russia’s big deals

Russia, a long-standing friend of India, has signed key agreements on October 15, 2016, accelerating India’s industrialization programmes.

The deals were signed in Goa during meetings between Russian President Vladimir Putin and Prime Minister Narendra Modi and their officials.

Hailing Putin as an “old friend”, Modi said the agreements on jointly producing light military helicopters, building frigates and other areas of cooperation “lay the foundations for deeper defence and economic ties for years ahead”.

India inked pacts with Russia to acquire advanced air defence missile systems, stealth frigates as well as jointly produce light-utility helicopters. The three projects are collectively worth an estimated $10.5 billion (over Rs 72,000 crore).

In terms of sheer strategic value, India’s acquisition of the five S-400 systems for over $5.5 billion is clearly going to be game-changer.

The agreements included Triumf missiles defense, frigates, choppers among things that India has received from Russia, marking 70 years of the world’s most vibrant diplomacy.

The sealed pact included 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.

A joint venture will be set up to manufacture the Ka-226T helicopter by India’s Hindustan Aeronautics Ltd.

A memorandum of understanding (MoU) was signed for setting up an investment fund of US$1 billion by the National Investment and Infrastructure Fund (NIIF) and the Russian Direct Investment Fund.

The agreements:

1. Memorandum of Understanding (MoU) proposed to be executed between EDB, Joint Stock Company Аlexeev’s Central Hydrofoil Design Bureau, Joint Stock Company Radar Mms, Joint Stock Company Morinsis-AGAT and Elcom Systems Private Limited for developing the following:(i) a single integrated Transport Logistics System, (ii) concept of “Smart city”, and (iii) intellectual monitoring system for the areas of high responsibility, in the State of Andhra Pradesh;

2. MoU between JSC United Shipbuilding Corporation and the Council for Economic Cooperation of Andhra Pradesh on studying perspectives for cooperation in shipbuilding, implementation of infrastructure projects, transfer of technologies and training foreign specialists;

3. MoU between JSC “Rusinformexport” and the Ministry of Urban Development of India, Ministry of Home Affairs, State Company National Buildings Construction Corporation Ltd., Government of Haryana on Cooperation in the implementation of “smart cities” program in India with the use of IT solutions of the Russian companies;

4. MoU between Gazprom and Engineers India Limited on the joint study of a gas pipeline to India and the other possible areas of Cooperation;

5. Cooperation Agreement in the area of Education and Training between Rosneft Oil Company and ONGC Videsh Limited;

6. Signing of MoU for setting up of Investment Fund between NIIF and RDIF;

7. Signing of MoU for Cooperation between Indian and Russian railways in increasing the speed of trains between Nagpur-Secundrabad/Hyderabad;

8. Signing of the shareholder agreement for establishing a Joint Venture to manufacture Ka-226T helicopter in India;

9. MoU between ISRO and ROSCOSMOS on Mutual Allocation of Ground Measurement Gathering Stations for GLONASS AND NAvIC;

10. MoU between Ministry of Economic Development of the Russian Federation and the Ministry of Commerce and Industry of Republic of India on expansion of Bilateral Trade and Economic Cooperation;

11. MoU between Department of Science & Technology (India) and FASO (Russia);

12. Programme of Cooperation in Oil and Gas Sector for the period 2017-18;

13. Protocol for consultations between the Ministry of External Affairs & Ministry of Foreign Affairs of Russia for the period 2017-18;

14. Agreement on cooperation in International Information Security.

15. Signing of IGA to purchase/construct four additional 1135.6 frigates though partnership between Russian and Indian shipyard;

16. Signing of IGA for the procurement of S-400 Air Defence System. fii-news.com