Russia and India have agreed a draft contract for the joint development of the fifth-generation fighter aircraft (FGFA), the Russian side is ready for its signing, Federal Service for Military-Technical Cooperation (FSMTC) Deputy Director Vladimir Drozhzhov told Sputnik Tuesday.

"Russian and Indian experts agreed and initialed the draft contract on the design work on the creation of prospective multifunctional fighter. The Russian side is ready to sign the contract. We expect the decision of our Indian partners on this issue, " Drozhzhov said.

He noted that the volume of investments in the project was the subject of negotiations.

The FGFA is based on the Russian Sukhoi T-50 (PAK FA) fifth-generation stealth fighter aircraft.  It is a single-seat, twin-engine multirole jet fighter designed for air superiority and attack roles.

The project came about following the signing of a Russian-Indian cooperation agreement on October 18, 2007.