Nuclear Power, Oil and Defence Sectors to Gain from Rouble Fall

State-owned Rosatom is to build 12 nuclear reactors in India, oil major Rosneft signed a 10-year crude supply deal with Essar Oil and India agreed to assemble 400 Russian multi-role helicopters a year. The Ka-226T twin-engined helicopter deal is important for Modi, who wants to upgrade a military that relies on outdated Soviet equipment and build India’s defence production capacity.

India and Russia signed a “vision” document setting out a roadmap for cooperation in the sphere of nuclear power. Putin said Russia could eventually supply India with 20 nuclear reactors. In the event, Rosatom said that it would supply 12 nuclear energy reactors for India over 20 years.

A 1,000-megawatt reactor is operating at the Russian-built Kudankulam power station in Tamil Nadu, with a second due on-stream in 2015.

Indian officials said a total of six reactors will be built at Kudankulam. A further six will follow at a site to be determined.

Other strategic deals covered oil supply, infrastructure and an increase in direct diamond sales to India by Russian state monopoly Alrosa.

A spokesman for India’s foreign minister said he was not officially aware of the visit by Crimean leader Sergey Aksyonov, who is subject to Western sanctions.