Elbit said the work will be performed over a period of four years and will be conducted in partnership with Korea Aerospace Industries Ltd., a leading aerospace manufacturer.
"We are very proud of this award," said Yoram Shmuely, the co-general manager of Elbit Systems' Aerospace Division.
"It marks an additional milestone in the projects Elbit Systems has performed for the Korean air force in collaboration with Korea Aerospace Industries.
"The global demand for transport aircraft upgrades and the experience we have accumulated in performing various similar projects such as the previous program for the Korean C-130, as well as programs for the Romanian C-130 and the Brazilian C-95, position us as favorably for similar projects to follow."
The avionics to be installed in the aircraft were not described. Elbit, however, said the contract also provides for conversion of the aircrafts' existing analog cockpit to a "Glass-Cockpit" using Elbit Systems' digital flight displays.
Notable deaths of 2014 [PHOTOS]