India is to acquire about 250 to 300 Fifth Generation Fighter Aircraft and 45 multi-role transport aircraft to modernise its air capability. The major defence deal provides for 25 billion dollars for the fighter jets. New Delhi and Moscow on Thursday decided to take forward the joint projects for developing and manufacturing these ultra-modern aircraft over the next ten years.The protocols were signed in New Delhi between Defence Minister A.K. Antony and visiting Russian Defence Minister Serdyukov during the annual meeting of India-Russia Inter Governmental Commission on Military Technical Cooperation.Addressing a joint press conference later, Antony said the two countries had already signed the shareholders agreement for the Transport Aircraft project, while a joint venture is being worked out. Russian Defence Minister said that both the countries have huge volumes of equipment and systems to be developed within a time frame.AIR correspondent reports, the huge defence deal with Russia has become essential as half of the India Air Force fleet has become obsolete. The multi – billion dollar defence deal could not have at a better time for India. New Delhi is scouting for most modern machines to provide teeth to its Airforce with 50 percent of the fleet obsolete. According to the Air force Chief, the precentage will come down to 30 by 2014 following new acquisitions. On the Transport Aircraft sector, Russia's United Aircraft Corporation-Rosoboronexport and India's Hindustan Aeronautics Limited have signed the agreement for the joint manufacture of multi role aircraft. To start with ,India and Russia have a target to manufacture 205 multi role transport aircraft to meet the requirements of both Indian and Russian military. The cost and work of the project will be equally shared by the two countries.