January 05, 2009, (Sawf News) - The government has formed a team that will visit Russia to renegotiate the price of INS Vikramaditya, reports The Hindu.
On completion of the price negotiations another team of senior officials will finalize the delivery time with the Russians.
Under a $750 million contract signed in 2004, Russia's Rosoboronexport was to deliver the 44,570-tonne aircraft carrier, Admiral Gorshkov, to India in 2008.
In early 2008, Russia claimed it underestimated the scale and the cost of the modernization and said it would not be in a position to deliver the ship before 2012 and at an additional cost of $1.2 billion.
India termed the cost escalation exorbitant. After protracted negotiations, in February 2008 India agreed to pay an additional $800 million for the retrofit.
However, in November 2008, shortly after the Russian nuclear submarine Nerpa met with an accident, Russia demanded an additional $2 billion for the ship, instead of $1.2 billion.
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