NEW DELHI: Prime Minister Narendra Modi is likely to hold telephonic talks with Russian President Vladimir Putin before External Affairs Minister S Jaishankar leaves for Russia on December 25 for a five-day trip. According to sources, the two leaders will prepare the ground for a large number of financial, strategic and infrastructure agreements that are likely to be ironed out during Jaishankar’s visit.
The two countries are working on an agreement that will allow Russia to invest in a large number of sectors in India with the exception of the stock market. The Russian government and private entities are sitting on billions of dollars earned in India largely through the sale of defence goods and crude oil over the last couple of years.
Russia has not been able to repatriate its profits due to western sanctions. Sources said an agreement has now been reached to allow Russia to invest in Indian businesses. Jaishankar is likely to carry a list of sectors where India would like Russia to invest.
Russian giant Metrowagonmash has already won a Rs 30,000-crore contract to manufacture 120 Vande Bharat trains. Russian companies are also likely to be allowed to bid for Metro Rail networks. Oil refining is another area of interest. Rosneft has already acquired Essar Oil. More energy sector deals are likely. Defence and pharma are other areas where Russians may be allowed to invest.