New Delhi: India and its biggest military supplier Russia announced Friday a $600 million joint venture to manufacture military transport aircraft for the two countries.
The 50:50 venture was signed by India’s state-owned Hindustan Aeronautics Ltd, Russian United Aircraft Corp and the Russian state-run arms exporter Rosoboronexport, the Indian defence ministry said in New Delhi.
The “15-20 tonne payload capacity aircraft would meet the requirements of the Indian Air Force and the Russian Air Force,” the ministry said in a statement.
Russia is also in the race for a $12 billion contract to sell 126 fighter jets to the Indian Air Force and supply hundreds of combat helicopters to the country’s million-plus army.
Russia supplies more than 70% of India’s military hardware.