India will receive the first batch of Sputnik V vaccines on May 1, said Kirill Dmitriev, head of Russia's sovereign wealth fund.
Russia's RDIF sovereign wealth fund, which is marketing Sputnik V globally, has already signed agreements with five leading Indian manufacturers for over 850 million doses of the vaccine a year, reported Reuters.
RDIF has said it expects production of the vaccine in India to reach 50 million doses a month by the summer and to rise further. India has waived import duties on vaccines and medical equipment in a bid to aid the country's medical system which is reeling from a surge in COVID-19 infections.
Following Prime Minister Narendra Modi's emergency meeting with vaccine manufacturers to ramp up vaccine production in light of recent shortages, reports have emerged that the Moderna and Johnson and Johnson vaccines may also seek approval for emergency usage in India.