Russia to build Indian reactors

Russia is competing with French and U.S. firms for lucrative contracts to build nuclear power plants for energy-hungry India because Asia's third-largest economy needs to boost its supply to help sustain rapid economic growth.

"The agreement sees construction of up to 16 nuclear reactors in three locations," Deputy Prime Minister Sergei Ivanov told reporters.

Mr. Putin pledged to boost banking and technology cooperation with India, seeking to bolster ties with a Cold War ally that has been shifting focus toward the United States.

Russia wants to boost trade with India to (US) $20-billion by 2015 from the current $8-billion. Together with China and Brazil, Russia and India make up the so-called BRIC group of major emerging economies, whose global influence is rising.

The two nations also seek a greater role in stabilizing the region because both share security interests emanating from Islamist militant violence and the war in Afghanistan.

Aiming mainly to keep one of the world's biggest arms importers interested in Russian weapons, Mr. Putin offered state financial aid for the Indian telecom unit of Russian conglomerate Sistema.