By Manu Pubby, ET Bureau
Russia has inked a $950 -million deal to supply two new warships to India that will be equipped with Brahmos missiles to add to the firepower of the Navy. The two frigates of the Project 11356 class will be bought directly from Russia and a contract to build two more at an Indian yard is likely to be signed at a later stage.
Sources told ET that while final clearances for the long-pending project came before the summit earlier this month between President Vladimir Putin and Prime Minister Narendra Modi, the deal was signed last week after price negotiations.
Given that the US has implemented sanctions on weapons purchases from Moscow, India could make payments for the ships using the rupee-rouble route. The deal — under a ‘2+2’ scheme where technology will be transferred to an Indian shipyard to construct two of the frigates from scratch — has been in the works since 2015......continue reading: HERE
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