India-France nearing ₹1L crore deal for 26 Rafael jets, submarines
What's the story
India and France are said to be on the verge of finalizing two major defense agreements worth almost ₹1 lakh crore.
The deals include the purchase of 26 Rafale-Marine fighter jets and the construction of three more Scorpene submarines.
The Rafale-M deal, worth ₹63,000 crore, is now awaiting final approval from India's Cabinet Committee on Security (CCS), TOI reported.
Deal details
Rafale-M deal breakdown and delivery timeline
The Rafale-M deal comprises 22 single-seat jets and four twin-seat trainers for the Indian Navy.
It also includes weapons, simulators, crew training, and a five-year performance-based logistics support.
The jets are expected to be delivered 37-65 months after contract signing, with all jets expected to be delivered by 2030-31.
Submarine deal
Scorpene submarine project and future collaboration prospects
Meanwhile, the ₹33,500 crore Scorpene submarine project will be undertaken in collaboration with France's Naval Group at Mazagon Docks Limited (MDL) in India.
The first of the new submarines is expected to roll out six years after contract signing, followed by others annually.
Talks are also on for a possible collaboration between France's Safran and India's DRDO to co-develop a jet engine for India's fifth-generation stealth fighter project.
Diplomatic visit
PM Modi's visit to Paris amid defense deal developments
The progress on these defense deals comes as Prime Minister Narendra Modi visits Paris for the AI Action Summit.
"CCS will take up the Rafale-M deal after the PM returns from the France-US trip," a government source told TOI.
"The cost negotiations for Scorpenes took a little longer because MDL had originally quoted a high price. The aim is to ink both deals before this fiscal ends on March 31."