Aug 19, 2018 03:16 MSK
Business
Jan. 02 2018 - 15:01

India to Pay $197 Mln for Russian-Made Precision Bombs

Grigory Sysoyev / TASS

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India's Ministry of Defense has approved almost $200 million for the purchase of 240 Russian precision bombs.

India is one of Russia's largest arms buyers as New Delhi is forecast to spend a quarter-trillion U.S. dollars on upgrading its military over the next decade. Russia’s overall trade with India has increased by more than 15 percent in the last five years. 

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See also: India to Buy $7 Billion Worth of Russian Weapons

On Tuesday, India said in an online statement that Defense Minister Nirmala Sitharaman had "cleared two procurement proposals," including a $197.4 million deal with Russian arms export agency Rosoboronexport to buy precision-guided munitions.

"This procurement will address the deficiency of Precision Guided Munitions in the IAF [Indian Air Force] arsenal, besides enhancing the offensive capabilities of the IAF," India's Ministry of Defense said in a statement.

India also plans to buy surface-to-air missiles from Israel, the statement said.