India-Russia agree to set up last two units of Kundankulam nuclear power plant
India and Russia have signed an agreement for setting up of Units 5 and 6 of Kudankulam Nuclear Power Plant.
The agreement for building the last two units of the Kundankulam nuclear power plant was expected to be signed between the two countries after PM Modi's meeting with Russian President Vladimir Putin.
"We welcome conclusion of General Framework Agreement and Credit Protocol for Units 5 and 6 of Kudankulam Nuclear Plant," the joint statement issued after bilateral meeting said.
"Economies of India and Russia complement each other in energy sector. Will strive to build an "Energy Bridge" between our States," it added.
The two units, which will have the capacity to produce 1,000 MW of electricity each, will significantly boost India's nuclear power generation.
The reactors are being built by India's Nuclear Power Corporation of India Ltd (NPCIL) and Russia's Atomstroyexport company, a subsidiary of Rosatom.
Five other agreements were also signed between India and Russia during Modi and Putin's meeting.
Modi said that his discussion with Putin involved wide range of issues.
"India and Russia cooperation has grown extensively. President Putin and I reviewed full range of our ties and how to deepen them... India and Russia have adopted St. Petersburg declaration which will not only improve our ties but also be benchmark of global stability," he said.
Earlier today, Prime Minister Modi invited Russian companies to partner Indian firms in setting up manufacturing facilities to make high-tech defence equipment in India.
Addressing CEOs of the two countries after the annual bilateral summit here, Modi said India had last month approved a policy to allow local private companies to work with foreign players to manufacture defence equipment in a bid to cut reliance on imports.
"Defence is a key area where India and Russia can cooperate. I appreciate President Putin's role in enhancing India-Russia ties," Modi said.