India's Defense Ministry has signed a contract with the Russian-Indian company BrahMos Aerospace for the supply of supersonic cruise missiles nearly $2.5 billion worth, the Defense Ministry has said in a news release.

A contract has been signed with BrahMos Aerospace for the supply of BrahMos missiles $2.36 billion worth. These missiles will be used for combat equipment and exercises by the Indian Navy, the news release reads.

Another $120-million contract with BrahMos Aerospace was signed for the supply of missile systems for the Navy. This brings the total value of the agreements to $2.48 billion.

In all, the Defense Ministry concluded $4.7-billion procurement contracts on Friday. Among them there is an agreement with Hindustan Aeronautics Limited for the supply of Russian-designed RD-33 engines for MiG-29 fighter jets.

These engines will enable the Indian Air Force to maintain the combat readiness of its MiG-29 fighter jets until the end of their life cycle. The engines will be produced under license based on a technology transfer arrangement with a Russian manufacturer, the news release says.

Two more agreements have been signed with the Indian company Larsen&Toubro Limited, which will supply the Indian Armed Forces with short-range air defense systems worth $925 million, as well as high-power radars worth $690 million.