Jerusalem, Mar 27: India signed one of its biggest defence deal with Israel for a huge sum of $1.4 billion to buy an air defence system. Israel Aerospace Industries (IAI) has officially confirmed that India officially signed the deal with Israel on Feb 27 under which Israel will develop and manufacture seaborne and shore-based system against missile attack on India.
Both the nations agreed that part of the payment for the systems will be made during the development period and amount remaining will be paid during the delivery period. As per the agreement, IAI has also undertaken to procure military or aviation products and services from India.
Otherthan this Israel will also invest in defence companies in India up to an amount equal to 30 per cent of the contract.