India, Russia finalise USD 500 million deal
A USD 500 million deal was signed between India and Russia on Tuesday, for the construction of two warships in Goa for the Indian Navy under the technology transfer model, officials said.
The agreement for the project was signed between defence PSU Goa Shipyard Ltd (GSL) and Russia's state-run defence major Rosoboronexport under the government-to-government framework for defence cooperation, they said.
Under the deal, Russia will provide design, technology and some materials to GSL for construction of the ships in India.
"We have finalised a USD 500 million deal with Russia for construction of two warships in Goa," said CMD of GSL Shekhar Mital.
The construction of the ships will begin in 2020 and the first one will be ready for induction in 2026 while second one will be ready by 2027, he said.
