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Russia India: Putin on visit to broker energy deals Russia India: Putin agrees to build 10 nuclear reactors
(about 7 hours later)
Russian President Vladimir Putin is meeting Prime Minister Narendra Modi during a trip to India, where he is due to seek lucrative energy deals. Russia will help India build at least 10 more nuclear reactors, Indian Prime Minister Narendra Modi has said following a visit by Russian President Vladimir Putin.
He said earlier that Russia was looking to export more Russian oil and gas to Asia because European consumption was not rising quickly enough. The two countries signed a series of major energy agreements on Thursday.
Last week Russia scrapped a massive gas pipeline project with EU states. Russia will also remain India's top defence supplier, said Mr Modi.
Mr Putin will also meet business leaders and attend a diamond conference during his day-long Delhi visit. Mr Putin's visit to Delhi comes as India faces energy shortages and Russia seeks to expand its ties with Asia in the face of Western sanctions.
Mr Modi said that the two countries had outlined an "ambitious vision" for nuclear energy during the talks and that the new reactors would be built over the next 20 years.
He added that, under the deal, nuclear components would be made in India.
A $1bn (£630m; €800m) joint venture to support hydro-electric power projects in India has also been agreed, according to Reuters news agency.
Meanwhile Russian oil producer Rosneft signed a deal to supply India with 10 million tonnes of oil per year, Reuters said.
Mr Putin said earlier that his country was looking to export more Russian oil and gas to Asia because of problems with the European market.
A project to build a new gas pipeline to Europe, known as South Stream, was cancelled last week amid concerns that it could be in breach of EU competition rules.
Also, the crisis in Ukraine has led to a bitter fall-out between the West and Russia, which has been placed under wide-ranging sanctions by the US, EU and several other countries.
Defence deals
The BBC's Sanjoy Majumder in Delhi says that Russia will continue to be an important defence supplier to India despite the fact that it has lost a couple of lucrative contracts recently to the United States and Europe.
One of several defence deals is a plan by Russia to manufacture its most advanced military helicopter in India.
Russia and India were close allies during the Cold War but in recent years the relationship has been more tense.Russia and India were close allies during the Cold War but in recent years the relationship has been more tense.
India is reported to be upset with Russia for selling attack helicopters to Pakistan. India is reported to be upset with Russia for selling attack helicopters to Pakistan and Russia has been unhappy with India for choosing French Rafale fighters and American Apache attack helicopters over Moscow's defence products.
On the other hand, Russia has been unhappy with India for choosing French Rafale fighters and American Apache attack helicopters over Moscow's defence products. Later today, Mr Putin will meet business leaders and attend a diamond conference in Delhi.
Mr Putin's talks with Mr Modi are expected to focus on strengthening ties at a time when India is perceived to be drawing close to the US, especially in areas of defence and investment. The two countries are expected to sign an agreement on improving bilateral diamond trade.
The two sides are expected to sign nearly two dozen agreements on space, defence cooperation and energy, reports say.
"This is a very significant visit. Russia is a long-standing and steadfast partner for India," Ajay Bisaria, a top official in India's foreign ministry, told the Associated Press news agency.
Speaking before his visit, Mr Putin said Russia expected to secure the "role of a reliable energy supplier to the Asian markets".
Reuters news agency reports that a $1bn (£630m; €800m) joint venture to supply hydro-electric power is among the deals the two leaders are due to sign.
'The next level'
The Kremlin website posted photos of Mr Putin being greeted at an unnamed airport in India.
Mr Modi welcomed his arrival with a series of tweets in Russian which were then translated into English.
"Times have changed, our friendship has not," he wrote. "Now, we want to take this relation to the next level & this visit is a step in that direction."
Mr Putin told PTI news agency earlier: "European consumption is increasing too slowly, while political, regulatory and transit risks are on the rise.
"At the same time, the economies of Asian countries are growing rapidly. Thus, we are naturally interested in diversifying the destinations of our energy deliveries."
'Slow Europe'
Last year, Russian state-owned firm Gazprom began building the 930km (580-mile) South Stream project to pipe gas to Europe.
But the $50bn venture was suspended in June this year when the European Commission said it might be breaking EU competition rules.
Mr Putin cancelled the project last week.
The crisis in Ukraine has led to a bitter fall-out between the West and Russia, which has been placed under wide-ranging sanctions by the US, EU and several other countries.
India and Russia are also expected to sign an agreement on improving diamond business between the two countries.
Russia is the top producer of rough diamonds in the world and India is the global hub for cutting and polishing the gemstones.Russia is the top producer of rough diamonds in the world and India is the global hub for cutting and polishing the gemstones.
But Russian mines sell most of the rough produce to the diamond hubs of Antwerp and Dubai from where it comes to India, something that Delhi wants to change.But Russian mines sell most of the rough produce to the diamond hubs of Antwerp and Dubai from where it comes to India, something that Delhi wants to change.