With the completion of Indo-Russian joint ventures, India's problems in the field of oil, natural gas and power will be reduced to a considerable extend, Alexander M Kadakin, Russian ambassador to India, has said.
India is investing $1.2 billion to explore oil and natural gas in Sakhalin in Russia. Engineers have already started work, he said. On the other hand, he added, Russia is offering the technical know-how to explore natural gas in the Bay of Bengal. "Russia will invest in this project if it finds it profitable," he said.
Kadakin said India had started work on the inter-consortium Kadam Kalan power project in Tamil Nadu with Russian co-operation. "The power tariff in Tamil Nadu will come down by one-third with the completion of the project. Moreover, shortage of power in the state also will be solved, he said.
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Besides, Russia is offering technical expertise for the construction of two power stations.
The Russian ambassador said his country was extending co-operation to India in its space endeavours also. He said, "Russia is giving nuclear fuel to the Tarapur plant for civilian purpose."
Asked when the joint venture projects will be completed, he said, "It depends on India."
The Russian envoy also said his country was interested in joint ventures with India in software, healthcare as well.
At a function, organised on the occasion of the centenary celebrations of Russia's presence in India, many of the Russian consulate-general's officials, on anonymity, said that their country was witnessing changes which need more trade from India in the field of software, healthcare, textiles and consumer goods. They recalled the help rendered by the erstwhile USSR to build the Bokaro, Bhillai plants and other projects.
"Now, it is India's turn to acknowledge that," they said.