The agreement signed between India's Eirene Systems Private Limited and Russia's GLONASS Union will also be a joint venture to market Glonass technologies and solutions in India.
Global Navigation Satellite System (GLONASS) is a space-based satellite navigation system operated by the Russian Aerospace Defence Forces. It is the second alternative navigational system in operation with global coverage.
India too has its own navigational system - Indian Regional Navigation Satellite System (IRNSS)- designed to provide precise position information service to users in India as well as the region extending up to 1500 km from its boundary.
Both the countries also agreed to cooperate within the UN Committee on the Peaceful Uses of Outer Space and advance it in a "pragmatic and steady manner".
The two countries also expressed "mutual interest" in coordinating actions with reference to the current endeavour of the Committee to work out guidelines related to ensuring the long-term sustainability of outer space activities.