India Israel sign $630 million deal to provide India’s navy with advanced missile defense system
Source :News Bharati English Date :22-May-2017
New Delhi, May 22: On Sunday Israel Aerospace Industries (IAI) announced the deal worth $630 million US Dollar with India to provide India's navy with missile defense systems. This deal aims to supply advanced long range air and missile defense systems for four ships of the Indian Navy.
The new contract will see state-owned Israel Aerospace Industries supply LRSAM air and missile defense systems for four Indian naval ships, a statement from the company said.
IAI said the contract will be carried out with India's Bharat Electronics Limited, which will be the project's main contractor. “The new contract adds to other deals signed in the last decade by IAI with India's defense forces, reinforcing IAI's global leadership position in air and missile defense systems,” IAI president and CEO Joseph Weiss said in a statement.
LRSAM is an advanced air and missile defense system, jointly developed by IAI and India's Defense Research and Development Organization.
In April, IAI said India will buy nearly $2 billion worth of weapons technology from Israel in what was described as the “largest defense contract” ever signed by the military exporting giant.