India PM Modi To Visit Russia To Seek Investments for Infrastructure Fund

Finance and Trade
15/12/2015 23:04

India and Russia will look to utilise PM Narendra Modi's upcoming visit to Moscow to strengthen ties beyond defence with the creation of a joint innovation fund, in addition to prospective investments from Russia in the National Infrastructure Fund and expanding bilateral trade basket beyond diamonds and pharmacy. Officials said a joint $3-billion fund to promote startups in the nanotechnology field could be concretised during the PM's visit. Western sanctions owing to the Ukraine crisis followed by the recent downslide in Russian-Turkish relations have compelled Russia to look towards old partners such as India as investment destinations. In 2014, Russia's Alrosa entered into direct selling agreements with 12 diamantaires for supplies worth $2.1 billion over three years in a bid to create alternative import sources of rough diamonds for the Indian cutting and polishing industry.