March 7, 2002

    An Inter-Governmental Agreement (IGA) was signed on October 04, 2000 with the Government of the Russian Federation which, inter-alia, provides for the acquisition of ‘Admiral Gorshkov’, an aircraft carrier, from Russia and its refit and modernisation. The Russian Side had furnished a Detailed Project Document (DPD), which, inter-alia, defines the package for refit and modernisation of the ship. Technical discussions on the package are, presently, being held between the experts of the two Sides. An investment decision on the acquisition of ‘Admiral Gorshkov’ has not yet been taken.