The Defence Ministry on Friday approved the offset proposals for India’s biggest defence deal to buy 126 fighter planes at an estimate price of Rs 42,000 crore ($ 10.4 billion) paving the way for opening the commercial bids around Diwali. Two European fighters – French Rafale and Eurofighter Typhoon – are in the fray after the first round of select
ion overtaking four other competitors including two US fighters. India wants to close the deal before March 31, 2012. The winning company is also likely to receive a follow-on order of 80 odd MMRCA. (Copyright: DH)
(Full report here.)