India’s $40 billion Rafale mega deal moves closer

India finalizes ₹3.25 lakh crore proposal for 114 Rafale jets

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.