15th India-Russia annual summit between Russian President Vladimir Putin and Prime Minister Narendra Modi has proven to be a rewarding one for the energy sector.
Tata Power, aiming to develop its international footprint, will seek investment opportunities in Russian energy sector, joining hands with Russian Direct Investment Fund (RDIF).
In this context, Tata signed a MoU with RDIF.
The Russian Direct Investment Fund (RDIF) is a $10 billion fund established by the Russian government to make equity investments primarily in the Russian economy.
RDIF in cooperation with Tata Power will identify and target investment opportunities in the energy sector across Russia to develop mutually beneficial transactions.
“The signing of MoU (Memorandum of Understanding) is a significant milestone for Tata Power and we endeavour to be a significant player in the international energy market,” said, Anil Sardana, CEO, MD, Tata Power.
“RDIF has identified energy sector as one of its key priorities for increasing Russia’s economic efficiency and sustainability,” RDIF CEO Kirill Dmitriev said.
The deal is expected to produce opportunities to leverage Tata’s expertise in renewable energy production and implementation of large-scale international projects.
Meanwhile Gamesa Wind Turbine has entered into a pact with ROTEK, a unit of Russia’s Renova Group, to co-operate over wind-power equipment.
The deal between Gamesa Wind Turbine and ROTEK will facilitate cooperation in wind power equipment, an official statement said.
The Gamesa-Rotec agreement was one of 20 announced contracts, negotiated between firms from India and Russia.
Sabeena Wahid
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