"It will take a couple of months, some two or three months, to form a joint venture," Alexei Fyodorov said.
Hindustan Aeronautics Limited (HAL), based in Bangalore, is expected to be the Indian partner in the project. The Russian partner "will be a company from a United Aircraft Corporation cargo-carrying division," Fyodorov said.
The planes will be based on the Ilyushin aircraft. The project is evaluated at $600 million, with Russia and India to invest $300 million each. Russia is relying on the planes to replace its ageing medium-lift category fleet.
India and Russia plan to contract 45 and 100 such planes, respectively, Fyodorov said.
The countries signed an intergovernmental agreement on the joint development of planes of this category for Russia and India's air forces in late 2007.
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The current contract portfolio of Russian arms exporters is worth about $46 billion. Annual exports total $15 billion, and this will ensure uninterrupted deliveries for the next three years, even in the worst-case scenario. The list of the main buyers of Russian weapons is unlikely to change drastically.