India is aiming to finalize a $5.8 billion defense agreement with the United States before the November visit of President Barack Obama in a deal that would mark the biggest India-U.S. defense deal ever.
The two countries are in talks for India to acquire 10 Boeing Co's (BA.N
"The $5.8 billion deal along with all potential support services and spares is the biggest-ever defense deal between the two countries till now," a senior government official told Reuters.
Another official said the actual announcement could be made during President Obama's visit.
India and the U.S. are building a strategic alliance and security experts say New Delhi's growing ties with Washington are seen as a counterweight against China's growing military clout.
India and the United States signed a landmark civilian nuclear deal in 2008 and another pact in July last year, facilitating the entry of U.S. companies like Lockheed and Boeing into India's lucrative defense market.
New Delhi expressed its interest in January to buy the heavy-lift C-17 Globemaster aircraft, capable of carrying large combat equipment and troops.
"India will receive the most advanced version of the C-17 available, which will include the latest upgrades and capability," said Vivek Lall, Boeing's Vice President (Defense Space and Security) India, confirming the deal.
Boeing has sold 221 C-17 Globemaster planes to several countries so far, including Qatar, United Kingdom, Australia and Canada, the company said.
India is looking to spend more than $50 billion over the next five years to modernize its armed forces and largely Soviet-era equipment, an effort that is in particular focus after the 2008 Mumbai attacks revealed security loopholes and the need to upgrade defenses.
It is also expected to finalize a deal to buy 126 fighter jets.
Boeing's F/A-18 Super Hornet is also competing with Lockheed Martin's (LMT.N) F-16 Fighting falcon , France's Dassault Rafale, Russia's MiG-35, Sweden's Saab (SAABb.ST) JAS-39 Gripen and the Eurofighter Typhoon, produced by a consortium of European companies
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