The Australian government announced on Thursday that it had awarded Hanwha Defense Australia a contract to produce 129 Redback infantry fighting vehicles (IFVs). The announcement comes after Hanwha’s statement that its Australian subsidiary had become the favored bidder for the Australian Army’s next-generation IFV and a wave of reports in the Australian press.

The LAND 400 Phase 3 initiative, representing one of the largest capability acquisitions in the Australian Army’s history, is projected to replace the M113 armored personnel carriers that have been in operation since 1964. The Canberra government has placed the total lifecycle cost of this replacement process at an estimated $4.65 billion.