India To Sign Shinmaywa US-2 Aircraft Deal This Week: Japanese Media

India will approve purchase of 12 US-2 Amphibious Search and Rescue aircraft worth $1.5 billion-$1.6 billion on Monday, a Japanese daily reported Sunday.

The Defence Ministry will approve the purchase of Shinmaywa US-2 aircraft at a Defense Acquisitions Council meeting scheduled for Monday, Japanese newspaper Nikkei reported, citing unnamed senior ministry officials.

The deal will be included in a memorandum of understanding to be signed during Prime Minister Narendra Modi's visit to Japan from Thursday to Saturday, the Nikkei said, citing the officials.

Japan and India have been holding talks on the purchase for more than two years. Negotiations were revived in September, as various media outlets reported that Japan was considering reducing the price as much as possible for the aircraft deal with India.