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India a major investor in Russia

Vladimir Radyuhin

MOSCOW: India has emerged as a major foreign investor in Russia, according to Rosstat State statistical committee. India accounted for $1.5 billion, which is 17 per cent of the $8.8 billion foreign investments and over 70 per cent of FDI in Russia in the first quarter of the current year, says the committee.

The bulk of Indian investment, $1.4 billion, was made in the energy sector, as ONGC Videsh Limited (OVL) started paying for its share of development costs in the giant Sakhalin-1 oil and gas field on the Russian Pacific coast, where it holds a 20-per cent stake. OVL has pledged to invest a total of $2.77 billion in the project, which makes it India's largest single foreign investment.

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