Tuesday, December 21 2004 16:49 Hrs (IST) - World Time -

Jerusalem: The Indian Army has finalised a deal worth about $40 million with the Israel Military Industries (IMI) for the upgradation of its Russian-made rocket systems, according to media reports in Jerusalem.

"The initial deal is worth $30-40 million, but could expand to as much as $one billion over five years," IMI Chairman, Brig-Gen (Retd) Arie Mizrachi told 'Globes Online'.

The deal was signed recently and involved upgradation of Russian-made rockets with Israeli technology to improve their precision and range, the report said.