The contract is worth US $1.6 billion for IAI, with the rest going to another state-owned defence company Rafael, that will be providing components for the systems. "The current contracts represent an enormous expression of confidence by the government of India in IAI's capabilities and advanced technologies, which are being developed with our local partners as part of the Indian government's 'Make in India' policy," IAI Chief Executive Officer (CEO) Joseph Weiss said in a statement.
President Reuven Rivlin, who is said to have discussed the deal with Indian leaders during his trip to India in November last year, called to congratulate Mr Weiss on this "historic" deal terming it truly "exceptional".
"Please pass on my congratulations to all who contributed to this important achievement. You have come such a long way to arrive at this point, it is truly exceptional," President Rivlin told IAI's CEO.
Israel's willingness to share technology and form joint ventures with Indian companies to develop and manufacture military equipment supporting the 'Make in India' initiative is said to have been well received in New Delhi.
MRSAM's current version is operational with the Indian Air Force, Indian Navy and Israel Defence Forces (IDF).
The system includes an advanced phased-array radar, command and control, mobile launchers and missiles with advanced RF seekers.