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Highlights - India and Russia deepen energy, defence ties during Putin's Delhi visit

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Reuters NEW DELHI
Last Updated : Dec 11 2014 | 7:27 PM IST

NEW DELHI (Reuters) - Indian Prime Minister Narendra Modi and Russian President Vladimir Putin got straight down to talks on Thursday on boosting nuclear and defence cooperation at a summit aimed at reviving an old friendship that has faded over the years.

Putin's one-day visit to India, at which a raft of agreements were signed, comes at a time when Russia is at odds with the West over Ukraine, and its economy is stalling as oil prices tumble to their lowest in five years.

Here are some of the key announcements:

ENERGY

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* Russia's state-owned Rosatom will supply 12 nuclear energy reactors to India over 20 years, under an agreement aimed at boosting nuclear energy ties between the two countries.

* India's Essar Group signed a deal with Russian oil producer Rosneft to import oil.

* Russian bank VTB will open a $1 billion credit line to Essar Group, chief executive Andrei Kostin said.

* The Russian Direct Investment Fund and India's IDFC agreed to invest up to $1 billion in Indian infrastructure projects including in ports, toll roads and hydropower.

* India's Tata Power signed a pact with the Russian Direct Investment Fund to increase energy investment between the two countries.

DEFENCE

* Russia, which is India's top defence supplier, offered to manufacture the Ka-226T - an advanced multi-role helicopter - in India.

* The two countries agreed to produce 400 of the helicopters a year in India, the Russian deputy Prime Minister said.

* The helicopter, which could be used for both military and civilian use, could also be exported from India, Modi said.

* India has proposed that Russia also manufacture spares and components for its defence equipment in India, Modi said.

MINING

* Russia's state-controlled diamond monopoly Alrosa will increase direct deliveries of the gemstones to India.

* Modi said he wanted Alrosa to have more direct long-term partners in India, and that special notified zones would boost India-Russia ties and the diamond industry.

* India's top iron ore miner NMDC signed a memorandum of understanding with Akron to buy a stake in a potash mine in Russia.

(Compiled by Tommy Wilkes; Editing by Malini Menon)

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First Published: Dec 11 2014 | 7:19 PM IST

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