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Indian Investment in Russia

• India’s major investment projects in Russia include 20% stake in the Sakhalin-1 oil and gas project and purchase of Imperial Energy Corporation Plc producing oil in Tomsk Region of Russia by ONGC Videsh Ltd (OVL).

• Carborundum Universal Ltd. (Murugappa Group) has purchased an 84% stake in the Volzhsky Abrasives Plant in the Volgograd Region.

• TATA Motors organized the assembly of its light-duty trucks at the Ural Auto Motor Plant and its buses at the Volzhanin and Samotlor plants.

• Other Indian companies, including OVL, GAIL (India) Ltd, Indian Oil Ltd (oil and gas sector), Coal of India (coal mining), Reliance Industries Ltd (petrochemicals production), TATA Consultancy Services and Infosys (information technologies) are looking into investment possibilities in the Russian economy.

• The public sector NMDC Ltd has signed a memorandum of understanding (MoU) with OJSC Severstal to set up a joint venture steel plant in Karnataka. The plant will have an initial capacity of 2 million tons per annum (tpa), which is expandable to 5 million tpa. NMDC and Severstal each will have a 50% shareholding in the joint venture.