Russia's RDIF, SBI to invest $2 billion in projects

NEW DELHI Mon Dec 24, 2012 3:22pm IST

1 of 2. People walk in front of a signboard displayed at the head office of State Bank of India in Mumbai November 9, 2009.

Credit: Reuters/Arko Datta/Files

Related Topics

Stocks

   
A statue of Ganesh, the deity of prosperity, is carried in a taxi to a place of worship on the first day of the ten-day-long Ganesh Chaturthi festival in Mumbai August 29, 2014. REUTERS/Danish Siddiqui

Ganesh Chaturthi Festival

During Ganesh Chaturthi idols will be taken through the streets in a procession accompanied by dancing and singing, and will be immersed in a river or the sea in accordance with Hindu faith.  Slideshow 

NEW DELHI (Reuters) - Russian Direct Investment Fund (RDIF), a sovereign wealth fund, and the State Bank of India will jointly invest up to $2 billion to promote trade and economic cooperation projects, the Russian fund said in a statement on Monday.

The agreement, under which the two sides would invest up to $1 billion each, came as Russian President Vladimir Putin visited India on Monday.

RDIF said the two firms will work together to facilitate access to long-term capital in Russia and India and promote mutual investments between the two countries.

The firms will invest in infrastructure development and facilities to extract and process natural resources, it added.

Putin is on his first trip to India since he started a new Kremlin six-year term in May. His trip is widely seen as a chance to reaffirm Russia's interest in India, long a regional ally and now a partner in the BRICS group of emerging market nations.

Russia is eyeing big defence deals from a country that plans to spend about $100 billion over the next 10 years to upgrade its largely Soviet-era military equipment.

Russian defence industry sources said the visit could produce deals on the sale of fighter jets and aircraft engines worth more than $7.5 billion.

(Reporting by Alexei Anishchuk; Writing by Rajesh Singh Kumar; Editing by John Chalmers)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Coal Block Allocation

Coal Block Allocation

Government urges Supreme Court to not cancel some 'illegal' coal mines  Full Article 

Modi in Japan

Modi in Japan

Japan and India agree to boost strategic ties at summit  Full Article 

HSBC PMI

HSBC PMI

Factory activity expands at slower clip in August.  Full Article 

Current Account

Current Account

Balance of payments surplus for third straight quarter  Full Article 

India Infrastructure

India Infrastructure

RBI rule handicaps India's infrastructure hopes  Full Article 

Book Talk

Book Talk

Reema Abbasi and a glimpse of Pakistan’s Hindu past  Full Article 

China Economy

China Economy

Retreat in China's PMIs heightens calls for policy easing.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage