DefenseNews, After three years of haggling over the cost of refitting a Russian aircraft carrier for the Indian Navy, the Ministry of Defence here and Russian exporters Oct. 10 settled on a price tag of $675 million.
During a weeklong price negotiation committee meeting, Indian naval procurement officials and executives from Moscow-based Rosoboronexport finally nailed down a cost for upgrades and other work needed on the Admiral Gorshkov aircraft carrier, a senior naval procurement official said Oct. 15.
Agreement Set for Signatures Soon
The formal agreement will be signed here by Indian Defence Minister George Fernandes and his Russian counterpart, Sergei Ivanov, in two weeks, the official said. India will release $175 million immediately, the official said, and the balance would be paid in installments during the next five years.
