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Thursday, July 20, 2006

India to Buy 3 Navy Ships from Russia for $1.08Bln

Krivak (Talwar)-class frigateOn Tuesday, July 18, Russia and India signed a contract worth 51.14 billion Rupees ($1.08 billion), which presupposes construction and delivery of three Russian warships to India.

The contract was signed nearly two weeks after the Cabinet Committee on Security approved the purchase of three more Russian stealth warships and 28 submarine-fired cruise missiles in a move aimed at bolstering the Navy’s fighting potential.

The three Russian Krivak-class frigates would be acquired at a cost of $1.08 billion. The first one would be delivered five years after the signing of the contract and the subsequent two within 12 months after the delivery of the first warship, Defence Minister Pranab Mukherjee had told newsmen after a meeting of Cabinet Committee on Security chaired by Prime Minister Manmohan Singh.

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