ANKARA

Turkish defense giant Aselsan has signed a tank upgrade deal worth some $125 million, according to a stock exchange filing on Thursday.

The contract with Turkey's Defense Ministry is for the upgrading of M60T battle tanks.

"Under this agreement, deliveries will be made in 2017-2018," the company said.

This January the Defense Ministry officially launched a tender for a contract to upgrade the tanks.

Five Turkish firms placed bids, including Turkey’s biggest defense company Aselsan as well as missile-maker Roketsan, and armored vehicle manufacturers BMC, Otokar and FNSS.

The upgrade is needed for better protection against anti-tank weapons, according to a military source.