Israel Aerospace Industries (IAI) has signed arms contracts with India worth nearly $2 billion, including one for $1.6 billion that is the largest defense pact in the government defense industry’s history, the Israeli business daily Globes reported Thursday.
According to the report, the record contract will have IAI deliver an advanced MRSAM air and missile defense system to the Indian military.
The deal also includes the sale of LRSAM air and missile defense systems to be built in India for its aircraft carriers, according to Globes.
India’s prime minister, Narendra Modi, approved the purchase in February. Modi reportedly will visit Israel in June, the first by an Indian head of state.
In late 2016, India's foreign minister said the country intended to further strengthen its ties with Israel, stressing the relationship is of "utmost importance to the Indian people."
On Thursday, in a congratulatory phone call to Israel Aerospace Industries CEO Yossi Weiss, Prime Minister Binyamin Netanyahu called the deal “an expression of the growing ties between Israel and India.”
Weiss noted that IAI has worked with the Indian defense industries and armed forces over the past 25 years “as part of our strategic partnership.”
“The current contracts represent an enormous expression of confidence by the Government of India in IAI’s capabilities and advanced technologies which are being developed with our local partners as part of the Indian Government’s ‘Make in India’ policy,” he said. “We continue to stand with our partners in India at the forefront of technology for the defense and security of both our countries.”