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India has broken the record for sealing what is being described as "the largest defence contract" between the two countries, after New Dehli promised to purchase nearly $2 billion worth of weapons' technology from Israel.

The deal was completed ahead of Indian Prime Minister Narendra Modi's scheduled visit to Israel due to take place in July.

State-owned weapons company Israel Aerospace Industries will provide India with an advanced defence system of medium-range surface-to-air missiles, launchers and communications technology, the company said in a statement Thursday.

Israel Aerospace Industries has described the deal as a "mega missile agreement" and said it is "considered to be the largest defence contract in Israel's defence industries' history".

Israel Aerospace Industries said some components will be assembled in India, in line with Modi's push to reduce reliance on costly imports.

Israel and India have experienced a rapid warming of ties as they expand their strategic alliance. Tel Aviv has been supplying India with weapons for a number of years, including various weapons systems, missiles and drones.

India, the world's largest defence importer, has been investing tens of billions in updating its military equipment to counter long-standing tensions with regional rivals China and Pakistan.

Israel, which sees India as a strategic partner in reaching its own goals in the region is a top weapons exporter, with sales last year surging to $6.5 billion.

The Indian defence ministry is yet to comment on the deal.

Agencies contributed to this report