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Israeli military secures $760 mn ammo supply contracts with Elbit Systems

22 May, 2024 01:50 IST|Sakshi Post

Jerusalem, May 22 (IANS) The Israeli Defence Ministry signed $760 million worth of contracts with the Israeli defence electronics company Elbit Systems for ammunition supply, according to separate statements issued by the Ministry and the company.

The Ministry said on Tuesday in the statement that the ammunition, to be supplied in two-year purchase orders, is intended for the ground forces of the Israel Defense Forces (IDF), Xinhua news agency reported.

It noted that since the onset of the Palestinian-Israeli conflict in early October last year, Elbit has ramped up its production lines across the country in response to the Ministry's demand, with thousands of employees transitioning to an expanded work schedule.

It added that since the outbreak of the conflict, the Ministry has expanded procurement to support the building of the IDF's strength and longevity for continued fighting, to ensure Israeli production independence in vital areas, and to strengthen the economy.

The total purchases made by the Ministry since the outbreak of the conflict is estimated at tens of billions of shekels (1 shekel is about $0.27), with more than half of the purchases made from Israeli suppliers, according to the statement.

Disclaimer: This story has not been edited by the Sakshi Post team and is auto-generated from syndicated feed.

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