IAI receives $777 million contract from Indian navy for Barak 8 systems
Oct. 24 (UPI) -- Israel Aerospace Industries announced Wednesday it has received a $ 777 million contract to supply long range surface-to-air missile defense systems for seven ships in the Indian navy. Indian state-owned company Bharat Electronics Limited inked the deal with IAI. "India is a major market for IAI and we plan to protest and reinforce our positioning in India, also in view of increasing competition," Nimrod Sheffer, CEO and president at IAI, said in a press release. "For its part, IAI management continually refreshes its business strategy while preserving the core capability and growth engines, of which the Barak-8 is an example". The LRSAM system belongs to the Barak-8 family of air missile defense systems, which the Israeli navy uses on its vessels. The system includes a d...