India and Russia deepen bilateral ties

Putin's visit comes at a time when Russia's economy is stalling as oil prices tumble

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

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 will team up with an Indian infrastructure financing company, IDFC, to invest $1 billion in hydroelectric projects in Asia's third-largest economy.

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

Mining

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