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India and Russia sign energy, defense deals worth billions

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(Last Updated On: October 24, 2022)

India's Prime Minister Narendra Modi speaks with Russian President Vladimir Putin during exchange of agreements event after India-Russia Annual Summit in Benaulim, in the western state of GoaWritten by: Reuters

India and Russia signed billions of dollars of defense and energy deals on Saturday at a summit that sought to inject new life into a relationship that has been tested by shifting global alliances and conflict in the Middle East.

Under the biggest agreement, a group led by Russian state oil major Rosneft (ROSN.MM) said it would pay $12.9 billion for a controlling stake in both India’s Essar Oil and port facilities that it owns.

The countries, which had strong ties during the Cold War, announced plans for a joint venture to build helicopters in India. New Delhi said it would also buy surface-to-air missile systems and stealth frigates from Moscow.

“Ours is a truly unique and privileged relationship,” Indian Prime Minister Narendra Modi said after talks with Russian President Vladimir Putin in the western seaside state of Goa.

Modi said that his views were aligned with Putin’s on the unstable situation in Afghanistan and the Middle East, where Moscow is at odds with the West in the five-year-old civil war in Syria that has killed hundreds of thousands.

“We are conducting a comprehensive dialog on a wide scale of international issues, in which Indian and Russian approaches are close to each other or coincide,” said Putin.

Modi also praised Putin’s support for the fight against international terrorism, which India accuses its neighbor and rival Pakistan of sponsoring. “Russia’s clear stand on the need to combat terrorism mirrors our own,” Modi said.

MULTIPLE DEALS

The Rosneft-Essar deal will be the biggest foreign takeover in India, and Russia’s largest outbound deal, according to Thomson Reuters data.

It comes as Russia moves to reassert its role in global affairs and at a time when its own economy is stagnant, hit by Western sanctions and low oil prices.

Under the deal, a group led by Rosneft will acquire 98 percent of Essar Oil, and with it a 400,000 barrels-per-day refinery and port at Vadinar for $12.9 billion, the two sides said.

Russian state bank VTB (VTBR.MM) said it would refinance $3.9 billion owed by the Essar Group. Rosneft would pay $3.5 billion and its partners, oil trader Trafigura and investment fund UCP the same amount for an equal joint stake.

The refinery deal follows a string of upstream investments in Russia by Indian companies in recent months that, Modi said, were worth $5.5 billion.

Also on display was Russia’s nuclear prowess, with the second reactor of the Russian-built Kudankulam plant in Tamil Nadu hooked up to the grid and concrete being poured in a ceremony carried by a TV linkup to mark the start of work on the third and fourth reactors there.

Putin said that Russia would be able to build a dozen nuclear reactors in India over the next 20 years to back Modi’s growth strategy for Asia’s third-largest economy, which continues to suffer chronic power shortages.

HELICOPTERS, MISSILES, SHIPS

The defense pacts will also deepen military ties between the two countries that dates back to the Soviet era, when India entirely depended on Moscow to equip its armed forces. The United States has since taken over as India’s top arms supplier.

Indian military officials have said the plan is for the joint venture to build at least 200 Kamov 226t helicopters required by the country’s defense forces. Hindustan Aeronautics Ltd will be the local partner of Russian Helicopters and state arms exporter Rosoboronexport.

The S-400 surface-to-air missiles would strengthen India’s defenses along its borders with China and Pakistan, Indian military officials have said. Also agreed were plans to build and supply stealth frigates for the Indian navy.

Russia’s Deputy Prime Minister Dmitry Rogozin, who is in charge of space and military industries, said two frigates could be built in India and two in Russia, RIA news agency reported. Rogozin said the ships may later be equipped with missiles manufactured by BrahMos Aerospace, a venture co-owned by the Indian and Russian governments.

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IPL: Sunrisers thump MI in record breaking match

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(Last Updated On: March 28, 2024)

It was raining records at the Rajiv Gandhi International Stadium in Hyderabad on Wednesday with the hosts Sunrisers Hyderabad (SRH) clinching a 31-run victory over Mumbai Indians (MI) in Match 8 of the Tata Indian Premier League (IPL) 2024.

Sunrisers’ batting rewrote the record books on a batting belter after the posted 277 for three.

SRH now have the highest team score in the history of the IPL – beating Royal Challengers Bangalore’s (RCB) 263 for five from the 2013 season.

In reply, MI made a spirited effort, and at one stage, were contenders to do the near impossible. In the slog overs, the enormity of the target proved a bit too much, and SRH clinched victory, but not without numerous nervous moments.

To put into perspective the carnage we witnessed – Heinrich Klaasen’s 23-ball half-century was the slowest fifty of the SRH innings.

Travis Head, playing his first match for SRH, raced to the milestone in 18 balls. Abhishek Sharma got there even faster – in 16 balls – to record the quickest fifty by an SRH batter in IPL history.

While Sunrisers notched up the highest total in the 16-year history of the IPL, just as incredibly, Mumbai Indians almost paid them back with the same coin, their batters coming out with a nothing-to-lose attitude.

The sixes kept rolling off the Mumbai bats too, helping them keep up with the asking rate for most of the chase, eventually however, they ran out of steam and finished on 246 for 5, the highest IPL total in a losing cause.

As ESPNcricinfo reported, never were more runs scored in a men’s T20 match (523). Never were most sixes hit in a men’s T20 (38). At the end of the close to four-hour six-fest, only two bowlers returned with an economy rate of under ten an over.

Thursday, March 28 : Match 9

Thursday’s match at the Sawai Mansingh Stadium in Jaipur sees Rajasthan Royals go up against Delhi Capitals.

Fans in Afghanistan can tune in to Ariana Television to watch the match live from 6.30pm. Alternatively the match can be screened live on arianatelevision.com

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Magnitude 5.2 quake jolts Afghanistan

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(Last Updated On: March 28, 2024)

An earthquake measuring a magnitude of 5.2 on the Richter Scale jolted Afghanistan on Thursday afternoon, the National Center for Seismology reported.

The quake was at a depth of 70km and epicentered in the mountainous north-eastern area of Ashkāsham.

The jolt was felt across the region including in Kabul, Tajikistan, Uzbekistan, and Kyrgyzstan

There were no immediate reports of any casualties.

In October last year, over 2,000 people were killed when four 6.3-magnitude earthquakes struck in Herat province.

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Bayat Foundation helps needy families in Balkh

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(Last Updated On: March 28, 2024)

As part of Bayat Foundation’s Ramadan aid campaign, needy families in Mazar-e-Sharif, in Balkh province, received much needed food packages this week.

The aid package includes rice, flour and oil.

“In continuation of Bayat Foundation’s assistance, this time also a quantity of food such as flour, oil and rice was distributed to needy families in Mazar-e-Sharif; Inshallah, these contributions will continue,” said a representative of the foundation.

Needy families that received aid packages expressed their gratitude but called on other aid organizations to help the needy during these difficult times.

“Many thanks to Bayat Foundation, I thank Bayat Foundation for helping the needy and poor people of this region,” said a recipient said.

“I would like to thank Bayat Foundation for their cooperation in helping the needy in this holy month of Ramadan; it is hoped that traders and charities will do such sustainable work,” said another recipient.

Bayat Foundation is one of the charitable organizations that has played an important role in helping the needy in Afghanistan over the last two decades.

In addition to distributing aid packages to needy and vulnerable families, it has carried out numerous other projects, including the construction of health centers and schools.

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