SwordFish_13
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Peace
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Moscow: India and Russia on Monday signed a an agreement for co-development and co-production of a new transport aircraft to replace the aging AN-32 fleet of the Indian Air Force (IAF).
The total investment for the project will be $600 million to be shared on 50:50-basis by both the countries.
The Russian contribution of $300 million would be paid out of the debt India owes to Russia under the rouble-rupee agreement. The envisaged requirement is 100 aircraft for the Russian Air Force and 45 for the IAF. As per the agreement, the two countries plans to sell 60 aircraft to third countries.
The project will be a joint collaboration between Bangalore-based Hindustan Aeronautics Limited (HAL) and Rosenbroexport Agency of Russia.
The agreement was signed on the sidelines of Prime Minister Manmohan Singh's visit to Moscow.
This inter-governmental agreement was quite similar to the one signed during Defence Minister A K Antony's visit to Russia during which the two countries signed an agreement for the joint development and production of fifth generation fighter aircraft, official sources said.
The development and certification of the new aircraft would be completed in six years. There are a total of 240 AN-32 aircraft in service all over the world of which the IAF has 70.
Peace
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