According to reports, Tata Power has signed a memorandum of understanding with Russian Direct Investment Fund (RDIF) to explore investment opportunities in the energy sector.
RDIF was established in June 2011 to make equity investments, primarily in Russia, jointly with international financial and strategic investors.
Based in Moscow, RDIF’s management company is a 100 per cent subsidiary of Vnesheconombank.
The agreement was inked during the state visit of Russian President Vladimir Putin on Thursday.
RDIF and IDFC have also inked a MoU to promote joint investments and each party will provide up to $500 million for the projects.
RDIF and Tata Power will cooperate in identifying and targeting investment opportunities in the energy sector across Russia.
Commenting on the MoU, Kirill Dmitriev, CEO of RDIF, said: “RDIF has identified the energy sector as one of its key priorities for increasing Russia’s economic efficiency and sustainability.
“Our collaboration with Tata Power will not only introduce a new, established player into the Russian market, but will also provide opportunities to leverage Tata Power’s high-class expertise in renewable energy production and implementation of large-scale international projects.”
Anil Sardana, CEO & MD, Tata Power, said: “Tata Power looks forward to working with them to identify opportunities across the energy chain, thereby strengthening India’s relations with Russia.
“The signing of this MoU is a significant milestone for Tata Power and we endeavour to be a significant player in the international energy market.”