MOSCOW (Sputnik) — According to the Economic Times, the deal is worth $737 million and includes a 30-percent offset clause, which envisages reverse investment of the exporting country (the United States) in the economy of the importing state (India).
"The Pentagon's letter of offer and acceptance (LoA) to India is valid till November 20, but it can be extended for another 10-15 days," the newspaper quoted defense ministry sources as saying.
India and the United States have been negotiating the deal for several years. In 2015, the manufacturer BAE Systems proposed to create a special center in India where howitzers would be assembled, integrated and tested by BAE Systems and India’s Mahindra. According to project, 120 out of 145 howitzers will be produced in India.
