Vials of the Sputnik V vaccine are seen at the Del-Pest Central Hospital in Budapest, Hungary. Reuters

The Russian Direct Investment Fund (RDIF) said a deal had been struck with Serum Institute of India for the production of Sputnik V COVID-19 vaccines.

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According to the statement its deal with the Serum Institute of India envisages annual production of over 300 million doses of the vaccine in India starting in September.

A health worker prepares to administer a dose of Russia's Sputnik V Covid-19 vaccine in Mumbai on Tuesday. AFP

“The parties intend to produce over 300 million doses of the vaccine in India per year with the first batch expected in September 2021."

The RDIF that bankrolled Sputnik V and markets it abroad has previously negotiated Sputnik V production deals with manufacturers in several countries, including India, South Korea, Brazil, China, Turkey, apart from Belarus and Kazakhstan.

Sputnik V was registered by Russia in August last year -- the first of four vaccines developed in the country -- and the RDIF says it is approved for use in 67 countries.

Its hasty development and distribution for use ahead of late-stage trials meant the jab was initially greeted with scepticism.