In December 1988, an India–Russia co-operation agreement was signed, which resulted in the sale of a multitude of defence equipment to India and also the emergence of the countries as development partners as opposed to purely a buyer-seller relationship, including the joint ventures projects to develop and produce the Fifth Generation Fighter Aircraft (FGFA) and the Multirole Transport Aircraft (MTA). The agreement is pending a 10-year extension. In 1997, Russia and India signed a ten-year agreement for further military-technical cooperation encompassed a wide range of activities, including the purchase of completed weaponry, joint development and production, and joint marketing of armaments and military technologies. Now, the co-operation is not limited to a buyer-seller relationship but includes joint research and development, training, service to service contacts, including joint exercises. The last joint naval exercises took place in April 2007 in the Sea of Japan and joint airborne exercises were held in September 2007 in Russia. An Inter-Governmental commission on military-technical co-operation is co-chaired by the defence ministers of the two countries. The seventh session of this Inter-Governmental Commission was held in October 2007 in Moscow. During the visit, an agreement on joint development and production of prospective multi-role fighters was signed between the two countries. In 2012, both countries signed a defence deal worth $2.9 billion during President Putin's visit to India for the 42 new Sukhois to be produced under licence by defence PSU Hindustan Aeronautics, which will add to the 230 Sukhois earlier contracted from Russia. Overall, the price tag for the 272 Sukhois - three of the over 170 inducted till now have crashed - stands at over $12 billion. The medium-lift Mi-17 V5 helicopters (59 for IAF and 12 for home ministry/BSF) will add to the 80 such choppers already being inducted under a $1.34 billion deal inked in 2008. The value of India's defence projects with Russia will further zoom north after the imminent inking of the final design contract for the joint development of a futuristic stealth fifth-generation fighter. This R&D contract is itself pegged at US$11 billion, to be shared equally by the two countries. So if India inducts over 200 of these 5th Gen fighters, as it hopes to do from 2022 onwards, the overall cost of this gigantic project for India will come to around US$35 billion since each of the jets will come for upwards of US$100 million at least.