Investment by Indian companies in Russia's oil and gas sectors could reach $15 billion over the next four years, according to India's Minister of Industry and Commerce Nirmala Sitharaman.
"India's investments in Russia stood at about $8 billion prior to 2015, with Russia’s investments in India - at $3 billion. While India’s interest in Russian industry and other sectors, such as oil and gas, is growing, investments could reach $15 billion by 2020,” the minister said at the International Industrial Exhibition Innoprom 2016.
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In March, Russia’s leading crude producer Rosneft agreed to sell Indian state firms nearly 50 percent of its oil field in Siberia. Rosneft CEO Igor Sechin said with the deal Indian companies were gaining access to oil production projects in Russia, and Rosneft - an opportunity to operate on the Indian market.
India is interested in increasing direct supplies of Russian coal, liquefied natural gas (LNG), diamonds and mineral fertilizers, according to Russian Industry and Trade Minister Denis Manturov.
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He said that during the Innoprom exhibition Russia and India may discuss possible cooperation on the production of Russia's MC-21 airliner. Production of the medium- and short-range passenger jet is planned for 2017. The first plane was rolled out last month.
"It is expected that at the Innoprom 2016 Indian partners will show interest in the medium-range MC-21 aircraft,” Manturov said, adding that Russia’s Irkut corporation is actively seeking partners and is interested in attracting Indian aviation companies to cooperate and promote the aircraft in the Indian market.
The minister said Russia is considering the possibility of participation in India’s “Made in India” program designed to transform the country into a global manufacturing hub.
At the moment the two countries cooperate in aviation, metal, automotive, chemical and other industries, Manturov added.