India, Aug. 14 -- The Defence Ministry on Friday signed contracts worth nearly Rs 1,577 crore with two firms for the procurement of loiter munition systems, munitions and other accessories for the Indian Army.

The contracts were inked in the presence of Defence Secretary Rajesh Kumar Singh in New Delhi, the ministry said in a statement.

"The Ministry of Defence has signed contracts with TATA Advanced Systems Limited and NIBE Private Limited for the procurement of loiter munition systems, along with munitions and other accessories, at an approximate cost of Rs 1,577 crore for the Indian Army," the statement said.

The loiter munition system is a critical equipment developed to enhance the capability of the artillery regiments, thereby st...