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| Putin, Modi launch phase two of the Kudankulam NPP, sign military & economic deals | Putin, Modi launch phase two of the Kudankulam NPP, sign military & economic deals |
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| Indian Prime Minister Narendra Modi and Russian President Vladimir Putin have launched the second phase of the Kudankulam Nuclear Power Plant and signed a number of agreements regarding military and economic cooperation at BRICS summit in Goa. | Indian Prime Minister Narendra Modi and Russian President Vladimir Putin have launched the second phase of the Kudankulam Nuclear Power Plant and signed a number of agreements regarding military and economic cooperation at BRICS summit in Goa. |
| Putin and Modi officially launched the second phase of the Kudankulam Nuclear Power Plant (NPP), currently being built in the Indian state of Tamil Nadu by Rosatom as part of a deal signed between Moscow and New Delhi back in 1998, RIA Novosti news agency reported. | Putin and Modi officially launched the second phase of the Kudankulam Nuclear Power Plant (NPP), currently being built in the Indian state of Tamil Nadu by Rosatom as part of a deal signed between Moscow and New Delhi back in 1998, RIA Novosti news agency reported. |
| The two heads of state also laid the foundation stones for the third and fourth blocks of the Kudankulam via a video conference following bilateral talks on Saturday. The first unit was already put into operation in August this year. Earlier this week, President Putin said the operation of the first and second units at their rated capacity will “significantly increase the energy supply in India and strengthen its energy security.” | The two heads of state also laid the foundation stones for the third and fourth blocks of the Kudankulam via a video conference following bilateral talks on Saturday. The first unit was already put into operation in August this year. Earlier this week, President Putin said the operation of the first and second units at their rated capacity will “significantly increase the energy supply in India and strengthen its energy security.” |
| READ MORE: Russia to develop India’s nuclear power industry | |
| During the talks, the leaders of Russia and India also signed a number of bilateral agreements regarding the countries’ partnership in the military and economic spheres. | During the talks, the leaders of Russia and India also signed a number of bilateral agreements regarding the countries’ partnership in the military and economic spheres. |
| These include a deal on manufacturing Project 11356 destroyers for the Indian naval forces, as well as joint production of Ka-226T utility helicopters for India’s civilian air transportation. The Ka-226T utility helicopter is a new version of the light multi-purpose Ka-226 helicopter, capable of carrying up to 1,100kg (2,425 lbs) of payload in the cabin or on an external sling. According to the agreement, a joint Russian-Indian enterprise is to build 200 helicopters within the next 10 years. | |
| The two leaders also agreed to create an investment fund with a budget of one billion dollars to support some 20 selected projects of both Russian and Indian origin in the spheres of infrastructure, construction, and innovation. | |
| In total, Putin and Modi signed 18 documents, as well as a joint statement on ways to reach global peace and stability. Agreements regarding mutual cooperation have been signed with Indian partners by the Russian Industry and Trade Department, Energy Ministry, Ministry of Economic Development, Foreign Ministry, Federal Agency of Scientific Organizations, Rosatom State Atomic Energy Corporation, gas giant Gazprom, Russian Railways (RZD), and Roscosmos space agency. | |
| According to the agreements, Russia’s state-owned oil company Rosneft will acquire 49 percent of Essar Oil, an Indian-based company engaged in the exploration and production of oil and natural gas, for 3.9 billion dollars in exchange for debt restructuring. The acquisition will be funded by Russia’s VTB Bank, TASS news agency reported. Also, Gazprom and Engineers India limited have signed a memorandum on mutual understanding and research for a gas pipeline route to Indian refineries. Less than a year ago, Russia agreed to supply India with 10 million tons of oil and petroleum products annually in the next 10 years. |