India Likely To Sign $4 Billion Deal With Russia

| September 8 , 2016 , 09:42 IST
[caption id="attachment_224440" align="aligncenter" width="700"]India Likely To Sign $4 Billion Deal With Russia India Likely To Sign $4 Billion Deal With Russia[/caption] India and Russia are likely to sign a defence deal worth around $4 billion during the summit level meeting between Prime Minister Narendra Modi and Russian President Vladimir Putin that is scheduled to take place in October in Goa. According to reports, bilateral negotiations have gained momentum for India's acquisition of four more stealth frigates from Russia. ALSO READ:‘Gaps Of Trust’ Hamper Syria Deal With Russia, Says Obama The talks for the project were revived earlier this year. It took a back seat when India opted for the French Rafale fighter jets. On September 13, Russian Deputy Prime Minister Dmitry Rogozin will be visiting India to hold the intergovernmental committee on technical and economic cooperation. This will also pave the way for the bilateral meeting between both leaders. Business India Episode 3: India-Russia Partnership In Defence According to TOI, defence ministry sources said Moscow has submitted "a techno-commercial proposal" for the four multi-purpose frigates packed with sensors and weapons, including the BrahMos supersonic cruise missiles. "Under the proposal, two of the frigates will come from Russia, while the other two will be constructed in India. The MoD has asked for some clarifications before taking a decision on the price and inter-governmental agreement," the report added.