India’s Ministry of Defence (MoD) has concluded price negotiations with Russia for the procurement of four upgraded Krivak III guided-missile frigates for the Indian Navy (IN) for INR200 billion (USD3.08 billion).
Official sources told Jane’s that the first two frigates are set to be built by Russia’s Yantar Shipyard in Kaliningrad on the Baltic Sea, and the remaining two by India’s Goa Shipyard Limited (GSL), which is located on the country’s southwestern coast, under a technology transfer.
The agreed cost of each frigate is around INR50 billion, industry sources told Jane’s , adding that the final financial approval for the deal is expected to be granted by India’s Cabinet Committee on Security within the next few months.
Want to read more? For analysis on this article and access to all our insight content, please enquire about our subscription options at ihs.com/contact