Russia, India arms deal for $10 bn

Moscow: Russia and India are discussing $10 billion worth of arms sales contracts, Defence Minister Pranab Mukherjee said on Wednesday.

Mukherjee, who is in Moscow for bilateral talks, did not specify what stage the discussion of contracts had reached or a timeframe for the sales.

Russian Defence Minister Sergei Ivanov said on Tuesday the Russo-Indian commission was expected to discuss a wide range of contracts, including weapons for the Indian navy, air force, ground troops and a joint production of military and dual-use equipment.

India is the second biggest buyer of Russian weapons after China, accounting for nearly 40 per cent of Moscow's overall arms exports which hit a record $5.12 billion last year.

Ivanov said starting from 1960, India has bought some $40 billion worth of Soviet and Russian arms.

The sale of Russian aircraft carrier Admiral Gorshkov and a contract for the production in India of SU-30MKI fighter jets have been the biggest contracts in the past five years.