India has agreed to pay about USD 2 billion to lease a nuclear-powered attack submarine from Russia, concluding nearly a decade of negotiations as President Vladimir Putin is set to arrive in New Delhi today, news agency Bloomberg reported.
Talks on the lease had repeatedly stalled over price disagreements, the sources said, requesting anonymity as the deliberations were confidential. The two countries have now finalised terms, with Indian officials visiting a Russian shipyard in November to review progress at a submarine production facility, they added.
India expects delivery of the vessel within two years, although the technical complexity of the project could delay timelines, the sources cautioned.
Putin is scheduled to arrive on Thursday for his first visit to India since Russia’s full-scale invasion of Ukraine. He will hold bilateral talks with Prime Minister Narendra Modi, underscoring expanding defence and energy cooperation.
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