New Delhi:  India, on Thursday inked a $3 billion deal with Russia to lease a third nuclear-powered attack submarine- Akula class. in a major boost to its role as the net security provider in the Indian Ocean region. As per the reports,  the two countries signed the intergovernmental agreement for the Akula-class submarine-named as Chakra III.

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The agreement was signed in New Delhi and the submarine could be delivered to the Indian Navy by 2025, according to a person familiar with the development.

 India has already obtained two similar vessels from Russia earlier. It inducted the original INS Chakra on a three-year lease in 1988, while the second was obtained in 2012 on a 10-year lease.

The new submarine will replace Chakra II, whose 10 years lease will expire by 2022. However, talks are on to extend the existing lease of Chakra II for another five years till the new submarine becomes operational and comes on board.

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The submarine is capable of remaining underwater for months and is likely to be delivered to the Indian Navy by 2025. India inked the mega defence pact with Russia a year after it signed a $5.5-billion contract with the country for S-400 Triumf air defence missile systems, despite a threat of US financial sanctions.

The US under its new law CAATSA (Countering America’s Adversaries through Sanctions Act) seeks to prevent nations from buying Russian weapons or Iranian oil. However, Ambassador of Russia to India had earlier clarified that CAATSA will not be pressure between India and Russia S-400 deal.