India-Russia agree on Titanium Dioxide JV in Orissa, IT roundtable in Bangalore

India and Russia agreed to expand cooperation in sectors such as energy, IT, banking, and culture, including specific upcoming meetings and joint ventures.

Who it concerns: The agreement involves India and Russia. Specific entities named include Canara Bank, State Bank of India, two unnamed Russian banks, Sudoimport, Magnum International Trading, and a Joint Venture Company for Titanium Dioxide production in Orissa. Sectors affected include Information Technology, Energy (thermal, hydro, nuclear, oil and gas), Banking, Communications, Bio-Technology, Shipbuilding, and Culture.

What was agreed

• First Indo-Russian Round Table on Information Technology to be held in Bangalore from 1-2 December 2004.
• First Indo-Russian Energy Meet to be held in New Delhi on 15 January 2005.
• Canara Bank and State Bank of India to sign agreements with two Russian banks for trade facilitation and mutual bank guarantees.
• Cooperation on software product development and Indian assistance in establishing software parks in Russia.
• Cooperation between Sudoimport and Magnum International Trading for construction of auxiliary fleet ships in India.
• Development of an Indo-Russian Joint Venture Company to produce Titanium Dioxide in Orissa.
• Expansion of cooperation in thermal, hydro, and nuclear energy for power production.
• Participation of Indian and Russian companies in new Oil and Gas fields in Russia and third countries.
• 'Days of Indian Culture in Russia' to be held in September-October 2005.
• Exchange Programme of 'Days of the cities Moscow and Delhi' in 2005-2006.

Also in the document

• India and Russia identified Energy, IT, Banking, Communications, and Bio-Technology as new areas of growth.
• Specific commitment to develop a Joint Venture Company for Titanium Dioxide production in Orissa.
• Agreement for Indian assistance in establishing software parks in Russia.