Russia’s sovereign wealth fund said on Wednesday it will supply India’s Dr. Reddy’s Laboratories with 100 million doses of the Sputnik-V vaccine against COVID-19 once it receives regulatory approval in India.

The Russian Direct Investment Fund (RDIF) added that it had agreed to cooperate on clinical trials and the distribution of the vaccine with the Indian firm.

"Upon regulatory approval in India, RDIF shall supply to Dr. Reddy’s 100 million doses of the vaccine. The Sputnik V vaccine, which is based on well-studied human adenoviral vector platform with proven safety, is undergoing clinical trials for the coronavirus pandemic," RDIF said in a press release.

Kirill Dmitriev, CEO of the Russian Direct Investment Fund, said: “We are very pleased to partner with Dr.Reddy’s in India. India is amongst most severely impacted countries from Covid-19 and we believe our human adenovirus dual vector platform will provide a safe and scientifically validated option to India in the battle against Covid-19."

GV Prasad, Co-Chairman and Managing Director of Dr Reddy’s Laboratories, stated: “We are pleased to partner with RDIF to bring the vaccine to India. Phase I and II results have shown promise, and we will be conducting Phase-III trials in India to meet the requirements of the Indian regulators. The sputnik-V vaccine could provide a credible option in our fight against Covid-19 in India.”