According to India based economy publicaiton Business Standard,  Russia and India have finalized contractual terms for four new stealth frigates that Russia will supply the Indian Navy for $3 billion, or about $775 million per vessel.

According to publication, delivery will begin within four years of signing the contract. the first two frigates will be built in Yantar Shipyard, in Kaliningrad, Russia. The following two will be built in Goa Shipyard Ltd (GSL) with technology and designs transferred by Yantar. Frigates are based on The Project 1135 Burevestnik (Storm Petrel)  or as commonly known by their NATO reporting class name of Krivak.  New vessels will be designated the “Upgraded Krivak III class”,

Indian Navy currently operates six Krivak III frigates and new Krivak III frigates will have the same engines and armament configuration as Yantar’s last three frigates. The contract is yet to be cleared by the finance ministry and the Cabinet.