New Delhi, July 15 - India and Russia will reach a final agreement on the cost of overhauling the Admiral Gorshkov aircraft carrier by the end of this month, the Russia envoy here said Wednesday.

'Both sides are coming to terms on the price and the date for commissioning for the Indian Navy. It will be announced within a fortnight. I do not want to speculate on the costs... it could be more than $2 billion,' said Russian Ambassador Vyacheslav Trubnikov, who shortly leaves Delhi after a five-year stint.

The current contract covers a complete overhaul of the ship and equipping it with modern weaponry, including MiG-29K Fulcrum aircraft and anti-submarine helicopters.

A joint Indian-Russian working group is negotiating and preparing a revised agreement on the Admiral Gorshkov (to be renamed INS Vikramaditya), which is to replace India's ageing INS Viraat carrier.

'What is important here is that both sides have expressed goodwill. India needs this aircraft carrier,' said Trubnikov.

The aircraft carrier is currently docked at the Sevmash shipyard in northern Russia, with over 2,000 workers carrying out repairs.

Trubnikov, who has been credited for building closer ties between New Delhi and Moscow, bemoaned the fact that trade ties were not commensurate with the potential.

'It (trade) leaves much to be desired.