India, March 8 -- The Indian Ministry of Defence has signed a contract with Rosoboronexport (RoE), Russian Federation worth $ 248 million for procurement of 1000 HP Engines for T-72 Tanks in fully formed, completely knocked down and semi knocked down conditions, officials said on Saturday.

"The deal also includes Transfer of Technology (ToT) from M/s RoE to M/s Armoured Vehicles Nigam Limited (Heavy Vehicle Factory), Avadi, Chennai, for integration and subsequent licensed production of engines under ToT to boost the 'Make in India' initiative in Defence Sector," read a statement issued by the Ministry of Defence.

Equipping the existing fleet of T-72 Tanks with 1000 HP Engine will enhance the battlefield mobility and offensive capability...