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. Last Updated: 07/27/2016

MiG Plans $12Bln in Sales by 2020

Warplane maker MiG said Monday it planned to sell 350 of its new generation fighters for about $10-12 billion by 2020 as it breaks into new markets, Russian news agencies said.

Aircraft make up almost half the country's arms exports, with MiG and Sukhoi taking the lion's share of those sales. The modernized MiG-29, based on a classic Soviet design, has new navigation systems and new generation weapon systems.

"By 2020, we plan the delivery of 350 modernized MiG-29s for about $10 billion to $12 billion," Vladimir Vypryazhkin, deputy head of marketing at MiG, was quoted by RIA-Novosti as saying at Le Bourges Air Show. "We are also having talks on modernizing MiG-29s with countries in Latin America, Southeast Asia and North Africa."

MiG is vying for a giant order from India, which wants to buy 126 combat aircraft to replace ageing MiGs and British Jaguar planes.

Russia, which has close trade ties with New Delhi, is pushing its cutting-edge MiG-35. Boeing's F/A-18 Super Hornet and Lockheed Martin's F-16 are also competing for the contract.