India and Russia on Saturday signed 16 agreements across multiple sectors following delegation-level talks, co-chaired by Prime Minister Narendra Modi and Russian President Vladimir Putin in Goa.
External Affairs Ministry spokesperson Vikas Swarup tweeted the following:
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.
Defence Sector
The most strategically important decision is the Inter Governmental Agreement for the purchase of the S-400 'Triumf' long-range air defence missile system, worth over USD 5 billion , which has the capability to destroy incoming hostile aircraft, missiles and even drones at ranges of up to 400 km.
India and Russia have been in talks for over a year for the purchase of at least five S-400 systems that will be a game-changer in the region. Indian military officials have said the plan is to build at least 200 helicopters the defence forces need, and is part of Modi's drive to build a defence industrial base in India.
Another important deal is for four Admiral Grigorovich-class (Project 11356) guided-missile stealth frigates.
Under this deal, two vessels will come from Russia, while the other two will be built in India with Russian collaboration.
No decision has been made on the selection of the Indian shipyard.
This is in furtherance to the six Talwar-class frigates that Russia built for the Indian Navy between 2003 and 2013.
An agreement was also signed to set up a joint venture to manufacture helicopters. A memorandum of understanding (MoU) was signed for setting up an investment fund of $1 billion.
Space Technology, Diplomacy and Bilateral Ties
An MoU was signed between India's ISRO and the Russian state space agency on collaboration in space technology.
An agreement was signed on cooperation on international information security.
Another MoU was signed for expansion of bilateral trade and economic cooperation between India and Russia.
A road map for celebrating 70 years of India-Russia diplomatic ties was also announced.
Another announcement pertained to cooperation between the two countries on international issues.
Energy and Development of Smart Cities
Agreements were also signed for developing smart cities in Andhra Pradesh and Haryana, and for developing transport logistics systems for such cities. Another important agreement was signed for the joint study of a gas pipeline to India from Russia.
According to separate agreement, a Russian consortium comprising energy giant Rosneft Oil Company, commodities trader Trafigura and private investment group United Capital Partners agreed to purchase 98 percent of Essar Oil for $10.9 billion.
Rosneft also signed an agreement with ONGC Videsh for education and training in the oil and gas sector.
Both sides agreed to extend cooperation in railways development and to increase the speed of trains between Nagpur and Secunderabad.
(With agency inputs.)
(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)