India to buy 12 rescue aircraft from Japan for $1.6 billion
Japan and India have been holding talks on the purchase for more than two years.
India`s Defence Ministry will agree on Monday to purchase 12 amphibious rescue aircraft from Japanese manufacturer ShinMaywa Industries worth $1.5 billion-$1.6 billion, the Nikkei news paper reported on Sunday.
Japan and India have been holding talks on the purchase for more than two years. It would one of Japan`s first sales of military equipment since Prime Minister Shinzo Abe lifted a 50-year ban on arms exports and it reflects growing defence ties between the two countries.
India`s Defence Ministry will approve the purchase of 12 US-2 aircraft at a Defense Acquisitions Council meeting scheduled for Monday, the Nikkei reporting, citing senior ministry officials it did not name.
The deal will be included in a memorandum of understanding to be signed during Indian Prime Minister Narendra Modi`s visit to Japan from Thursday to Saturday, the Nikkei said, citing the officials.
During the visit, Abe will also urge Modi to expand its usage of Japan`s high-speed train technology, the Nikkei reported.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
Liquor stock under Rs 300: Can this smallcap scrip double your money in 1-2 years? Check targets by Anil Singhvi
Reduce Home Loan EMI vs Reduce Tenure: Rs 75 lakh, 25-year loan; which option can save Rs 25 lakh and 64 months and how? Know here
10:06 AM IST