Traditional allies Russia and India are poised to sign a $1.2- billion contract for 29 MiG-29K fighter jets for the Indian Navy's air wing. The deal was approved by the Cabinet Committee on Security (CCS), chaired by Prime Minister Manmohan Singh, top defense sources reportedly said.
A team from Russia will come to New Delhi this week to finalize the contract.
The defense ministry is also seeking CCS approval for the fresh contract for refit of aircraft carrier Admiral Gorshkov, with the renegotiated price of slightly over $2.3 billion.
Admiral Nirmal Verma, India's Chief of Naval Staff, said in New Delhi Saturday that the costs of the Admiral Gorshkov were more or less finalized by the Indo-Russian joint price negotiation committee. It was now awaiting government approval.
During the Indian Prime Minister's visit to Moscow last month, the two countries finalized the price for the repair and refit work on the aircraft carrier that was bought by India for $900 million in 2004. It was rechristened the INS Vikramaditya.
The two contracts will make Russia to reassert its numero uno status as the largest defense supplier to India, having notched sales worth over $35 billion since the 1960s.
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May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.