Before Data Patterns developed an indigenous check-out equipment, Brahmos Aerospace was paying a Russian supplier three times what it will now pay the Indian company.
The Navy commander also said that as many as 39 naval ships and submarines are currently being constructed in various Indian shipyards that are expected to significantly boost India's maritime prowess.
The MoD did not reveal the number of missiles procured through the latest contract.
However, this information was inadvertently revealed through an official MoD photograph that accompanied the announcement.
An advisory was sent to Army personnel last month to make them aware of the 'trap'.
India on Tuesday test-fired an advanced version of the 290-km range BrahMos supersonic cruise missile from the Odisha coast. The missile was test-fired from a mobile launcher from the Integrated Test Range at Chandipur at about 10.40 am, Defence Research and Development Organisation said.