Serum institute of India is likely to sign a supply contract with Central government and may fix prices at Rs 250 per dose of the COVID-19 vaccine, Business Standard reported on Tuesday.

Chief Executive Officer of the vaccine maker Adar Poonawalla however said the vaccine would be priced at Rs 1000 per dose in India. But as government is signing for a large quantity of doses, the prices would likely drop.

Poonawalla had said Serum will first focus on supplying the vaccine to Indians before distributing it to other countries.

The government is pinning its hopes for mass supply on Serum Institute, which lodged the first formal application for emergency-use approval of AstraZeneca's shot on Monday.

India is now the second most COVID affected countries in the world over 9.70 million cases. The review of vaccines developed by Pfizer Inc and AstraZeneca have also abeen accelerated in India for emergency use.