Wednesday, 22 September 2021

Money & Trade

India inks defence deals worth over $2b with Israel

AFP . Seoul 26 April , 2017, 16:17:40

  • Abc

International  Desk

India and Israel on Thursday inked mega defence deals worth over $2 billion for advanced surface-to-air missile (SAM) systems, which are designed to destroy hostile aircraft, missiles and drones at a range of 70-km, to further tighten the bilateral strategic partnership ahead of PM Narendra Modi’s impending visit to Tel Aviv in July.

Defence sources said the major deal was for the joint project between the Defence Research and Development Organization (DRDO) and Israel Aerospace Industries (IAI) for the Barak-8 medium-range SAM systems to initially include one regiment of 16 launchers and 560 missiles for the Indian Army.

The second deal to be inked was for a similar SAM system to be fitted on board the 40,000-tonne indigenous aircraft carrier INS Vikrant being built at the Cochin Shipyard.

As was earlier reported by TOI, the Modi-led Cabinet Committee on Security (CCS) in February had cleared the MR-SAM project for the Army at an overall cost of Rs 16,830 crore, which will now include a first instalment of Rs 1,500 crore.

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