Accessibility links

Breaking News

Putin Concludes $3 Billion Aircraft Deals With India

Indian Prime Minister Manmohan Singh (right) with Russian President Vladimir Putin earlier this year.
Reports from New Delhi say visiting Russian President Vladimir Putin has reached deals to supply India with nearly $3 billion worth of military aircraft.

Two contracts were signed on December 24 during Putin's visit.

One is for the sale of 71 helicopter gunships.

The other is for 42 licensed assembly kits for Sukhoi Su-30MKI fighter jets.

Putin said his talks with Indian Prime Minister Manmohan Singh on December 24 would "benefit our peoples and give an additional impetus" to developing relations.

Singh said he was convinced relations between Russia and India will continue to develop.

The two sides also signed accords on trade and technology on December 24 -- including a memorandum of understanding between the Russian Direct Investment Fund and the State Bank of India.

That document deals with investments in joint projects worth up to $1 billion.

India still buys most of its weapons from Russia.

Nonetheless, Moscow recently lost many multibillion dollar weapons contracts to Western competitors.

Based on reporting by Reuters, Interfax, and ITAR-TASS