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Thursday, August 06, 2009

Russian shipyard seeks $60 mln loan to complete Indian frigates

Project 11356 Krivak IV (Talwar) classThe Russian Yantar shipyard is negotiating a $60 million loan to enable it to complete the construction of three frigates for the Indian Navy, the company director said on Wednesday.

Russia is building three Project 11356 Krivak IV class guided missile frigates for the Indian Navy under a $1.6 billion contract signed in July, 2006.

Igor Orlov said the shipyard had previously taken out a $110 million loan from Russian national development bank Vnesheconombank (VEB) but was now forced to seek an additional $60 million loan due to "financial constraints."

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