India remains one of Israel’s top trade partners in the defense sector, accounting for 49% of the Jewish state’s arms exports according to a European think tank.
Israeli government-owned defense contractor Israel Aerospace Industries Ltd. (IAI) entered into $93 million worth of agreements to provide India with naval medium-range surface-to-air missile (MRSAM) systems, IAI announced Wednesday. The contracts were entered into with the Indian Navy and Bombay-listed government-owned company Cochin Shipyard Ltd.
In October, IAI signed a $777 million contract with Indian state-owned company Bharat Electronics Limited (BEL) to supply it with long-range surface-to-air defense missiles and missile defense systems.
To date, MRSAM has produced more than $6 billion in sales, according to IAI statements.
Israel is the third largest arms supplier to India, according to a 2017 arms transfer report by the Stockholm International Peace Research Institute (SIPRI). Between 2013 and 2017, India made up 49% of Israel’s arms exports, the report showed.
Founded in 1953, IAI is Israel’s largest aerospace and defense company. The company develops, manufactures and supplies anti-missile systems, unmanned and robotic systems, and intelligence and cybersecurity systems.