India, Russia sign $5.43 billion S-400 missile deal

TIL Desk/National/New Delhi/ India and Russia have signed a a $5.43 billion deal  for five Russian S-400 Triumf missile shield systems as well as a deal for space cooperation. An Indian monitoring station will be built near the Russian city of Novosibirsk in Siberia.

Russian President Vladimir Putin is in India to attend the 19th India-Russia bilateral annual summit with Prime Minister Narendra Modi. The deals were signed at the Hyderabad House in Delhi today.  The two leaders are also slated to discuss a number of key global and regional issues, including the United States sanctions on Iranian oil.

A number of crucial energy deals are also slated to be signed by the two countries during the bilateral summit. India’s state-owned ONGC Videsh Limited (OVL) may also sign a pact with Gazprom, industry sources told Sputnik. OVL already has stakes in three operational projects in Russia.

After the meeting, Putin is scheduled to arrive at the ITC Maurya Hotel at 3:30 pm, where the Indo-Russian Business Summit is scheduled to take place. He will also interact with a group of children later in the day. He will then head towards the Rashtrapati Bhawan to meet his Indian counterpart President Ram Nath Kovind.