Israel has signed a whopping $240 million agreement with India to build five artillery munitions factories in Bihar over a period of three years. The munitions factories will be built by the Israeli Military Industry (IMI) on the line of its ordnance factory in the Tel Aviv suburb of Ramat Hasharon, business daily 'Globes' reported. The Israeli defence industry said that the contract was the result of its collaboration with Indian Government's Ordnance Factories Board (OFB). IMI will be the chief contractor in the deal and will use Israeli and Indian firms as subcontractors. The state-owned Israeli firm reported $660 million in sales last year, 16 per cent more than in 2007. The firm's CEO Avi Felder said the global economic crisis would change the procurement pattern by the world's leading militaries, which would switch to upgrading existing weapons platforms on short timetables instead of massive investment in new facilities that would take a long time to develop and deliver.