India has finalised a Rs 3.25 lakh crore proposal to acquire 114 Rafale jets from France under the MRFA programme, marking its largest-ever combat aircraft deal.
India has finalized a Letter of Request for 114 Rafale jets worth ₹3.25 lakh crore (~$38B), with ~90 aircraft to be manufactured domestically via Dassault Aviation under a government-to-government framework with France. At ~50% indigenous content and contract signature targeted by end-2026, the deal signals a major defense procurement cycle that will shape India's aerospace supply chain and M&A landscape for the next decade.
The deal is worth ₹3.25 lakh crore
May 25, 2026
12:56 pm
What's the storyIndia has finalized a Letter of Request (LoR) for the procurement of 114 Rafale fighter jets, The Indian Express reported.
The deal, estimated to be worth ₹3.25 lakh crore (approximately $35-40 billion), is likely to be India's largest combat aircraft acquisition yet.
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