Tel Aviv, Jul 1 (IANS): The state-run company Israel Aerospace Industries (IAI) said that it will upgrade the Sri Lankan Air Force's Kfir aircraft in a $50 million deal.

In a statement on Wednesday, the company said that the deal it signed with Sri Lanka's Ministry of Defence involves replacing the IAI-made aircraft's basic avionics with the advanced 4+ generation fighter aircraft avionics in order to integrate advanced radar, sensors, communication systems, and new helmets, reports Xinhua news agency.

The upgrade process will also include transfer of knowledge and skills for refurbishment to Sri Lankan Air Force personnel.

The upgrades will be completed in cooperation with Sri Lanka's Air Force and in its local facilities.

The Kfir was developed by the IAI in the late 1960s, demonstrating significant ability to carry heavy ammunition and reach enemy targets in a precise manner.

It was in service in the Israeli Air Force for over 20 years until 1996.

It was also operated at the US Navy, the US Marine Corps and the Ecuadorian Air Force.

In addition to Sri Lanka, the Israeli aircraft is currently at service in the Colombian Air Force.

The decision to upgrade Sri Lanka's aircraft was based in part on the successful completion of this process in the Colombian Air Force, the IAI said in the statement.