MOSCOW, August 6 (RIA Novosti) - Russia...

The next round of talks to determine the final funding amount for the carrier"s repair and modernization is due to take place in India within the next few days.

According to Nezavisimaya Gazeta newspaper, India has no alternative but to allocate the required $1.2 bln, despite recent objections from the government"s accounting office, because the Indian Navy desperately needs to replace its INS Viraat, which, although currently operational, is now 50 years old.

Under the original $1.5 billion 2004 contract between Russia"s state-run arms exporter Rosoboronexport and the Indian Navy, which includes delivery of MiG-29K Fulcrum carrier-based fighters, the work on the aircraft carrier was to have been completed in 2008.

However, Russia later claimed it had underestimated the scale and the cost of the modernization, and asked for an additional $1.2 billion, which New Delhi said was "exorbitant."

After long-running delays and disputes, India offered in February

Pages: [1] 2 3 4