India will buy nearly $2 billion worth of weapons technology from Israel in what's being described as the "largest defence contract" ever signed by the military exporting giant.

The deal will see state-owned Israel Aerospace Industries provide India with an advanced defence system of medium-range surface-to-air missiles, launchers and communications technology, the company said in a statement Thursday.

The "mega" missile agreement is "considered to be the largest defense contract in Israel's defense industries' history", the company said.

The Israeli firm will also supply a naval defence system including long-range surface-to-air missiles for India's first aircraft carrier, which is still under construction.

Comment was not immediately available from India's defence ministry.

Israel Aerospace Industries said some components will be assembled in India, in line with Prime Minister Narendra Modi's push to reduce reliance on costly imports.

Modi's government has raised the limit on foreign investment in the defence sector and encouraged tie-ups between foreign and local companies under a 'Make in India' campaign.

India -- the world's largest defence importer -- has been investing tens of billions in updating its Soviet-era military hardware to counter long-standing tensions with regional rivals China and Pakistan.

India has signed several big-ticket defence deals since Modi's Bharatiya Janata Party stormed to power in 2014.

Israel is a top weapons exporter, with sales last year surging to $6.5 billion.

India is a top market for its arms, as New Delhi has turned increasingly away from traditional ally Russia for its military hardware.

Last year India signed a contract to buy 36 Rafale twin-engine fighter jets from France for 7.9 billion euros ($8.8 billion) after major delays and obstacles over the cost and assembly of the planes in India.

Tweet

Brazil boosting defense industry exports
Washington (UPI) Apr 6, 2017
Brazil plans to offer incentives - including lines of credit --- to countries buying Brazilian defense products, Defense Minister Raul Jungmann announced. The lines of credit to buyers would be offered by the Brazilian Development Bank. Insurance instruments for Brazilian manufacturers and a dedicated defense industry group within the Foreign Trade Chamber are also being eyed by ... read more

Related Links
The Military Industrial Complex at SpaceWar.com
Learn about the Superpowers of the 21st Century at SpaceWar.com

Thanks for being here; We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor $5 Billed Once credit card or paypal		SpaceDaily Monthly Supporter $5 Billed Monthly paypal only