India and its biggest military supplier Russia announced Friday a 600-million-dollar joint venture to manufacture military transport aircraft for the two countries. The 50:50 venture was signed by India's state-owned Hindustan Aeronautics Ltd, Russian United Aircraft Corp and the Russian state-run arms exporter Rosoboronexport, the Indian defence ministry said in New Delhi.
The "15-20 tonne payload capacity aircraft would meet the requirements of the Indian Air Force and the Russian Air Force," the Indian defence ministry said in a statement. Russia is also in the race for a 12-billion-dollar contract to sell 126 fighter jets to the Indian air force and supply hundreds of combat helicopters to the country's million-plus army. Russia supplies more than 70 percent of India's military hardware.
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