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Monday, August 17, 2009

India releases $122 mn for Gorshkov modification

Gorshkov, VikramadityaIndia has cleared an installment of $122 mn to Russia to ensure that the modification work on aircraft carrier Gorshkov, also known as Vikramaditya, continues till a settlement on the final price is reached.

The payment was sanctioned earlier this month by the government following demands by Rosoboronexport, the sole Russian agency designated for importing or exporting defence equipment, according to India Strategic defence magazine.

India had paid around $600 million initially after an agreement between the two countries in 2004, according to which the old aircraft carrier was gifted as free but India was to pay $974 million to modify and upgrade it in accordance with Indian Navy's specifications.

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