India is likely to purchase a fresh batch of 464 Russian T-19 tanks for its armed forces in a contract valued at $1.93 billion (INR 13,800 Crore).
"Russia will prolong the license for production of T-90 tanks in India. This is in connection with the Indian government’s decision to purchase more tanks for its armed forces," TASS quoted the federal service as saying Tuesday.
The Indian defense ministry and Russia’s state arms exporter Rosoboronexport are reportedly expected to sign the $1.93 billion contract for 464 tanks in “the next few months," according to a Jane's report.
The Indian defense ministry’s acquisition body approved the purchase in November 2016.
India is now the largest buyer of Russian military hardware. India has signed a $5.4 billion contract for Russian S-400 defense systems, $900 million contract for 21 MiG-29 aircraft and a $819 million deal for 18 Su-30MKI aircraft.
India also inked a deal to lease a mothballed nuclear-powered Akula-1 class submarine from Russia for over $3 billion in early March.
The other major contracts include a $940 million deal for 2 Talwar-class frigates, $960 million for 2 Russian-Built Admiral Grigorovich Frigates, a $1.1 billion order for 48 Mi-17 helicopters and joint production of KA-226T helicopters for $1 billion.