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02:27 PM, April 6, 2017
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Ka-226T helicopters (Image: Russian Helicopters)

Russia and India have formally approved a joint venture between Russian Helicopters and Hindustan Aeronautics (HAL) for the manufacture of 200 Kamov-226T helicopters.

The Russian Presidential office has given a final approval to the $1 billion inter-governmental agreement after reservations from New Delhi over cost sharing, Indian Express quoted Indian defense ministry sources as saying Wednesday.

The agreement to manufacture the helicopters in India was finalized at the Indo-Russian Summit in Goa in October last year.

India in March this year, finalized the roadmap to co-produce the helicopters. According to the roadmap, Russian Rostec will own 49.5% stake in the new entity and Indian HAL will own remaining 50.5%. The Indian MoD is still to issue a single vendor tender for the helicopters which will then submit its technical and commercial proposal in six months.

As per the deal, India will buy 60 helicopters in fly-away condition from Russia while another 40 will be assembled in India and the remaining 100 fully built in India.

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