MOSCOW, December 26 (RIA Novosti) - Russian Helicopters holding and India’s Elcom Systems Pvt Limited have signed an agreement to set up a joint venture to assemble Russian Mil and Kamov helicopters in India, the Russian holding said on Wednesday.

The agreement was signed during Russian President Vladimir Putin’s recent visit to India, press secretary Roman Kirillov said.

He offered no timeframe for the joint venture, only saying the first helicopter it will start manufacturing will be the Ka-226T multirole helicopter.

Under a deal signed during Putin’s visit to New Delhi on Monday, Russia is to supply India with combat helicopters and warplanes worth $2.9 bln.

India will buy 42 Sukhoi Su-30 fighter jets and 71 Mil Mi-17 helicopters.

The two countries also signed a number of cooperation agreements in the defense and technology sector during Putin’s one-day visit, his first to southeast Asia since his return to the Kremlin in May.

India is now the world's largest arms importer and Russian-made military equipment makes up some 70 percent of India’s arms purchases. But Moscow has lost out on a number of deals to Western countries in recent years. Boeing was chosen last month by India over Russia's Mil plant for a major helicopter contract.