India’s Defense Ministry approved a plan on February 12, 2026, to buy 114 Rafale fighter jets from France’s Dassault Aviation in a package valued at 3.25 trillion rupees—about €30 billion to €33 billion (roughly $32.4 billion to $35.6 billion). The deal, however, has not been signed, with negotiations still hinging on technical and commercial details, especially whether the aircraft would be assembled in India.
The approval came just days before French President Emmanuel Macron’s official visit to New Delhi. If finalized, the 114-jet order would be unprecedented in size and would make India the Rafale’s largest export customer. But as Le Monde reported, the talks are still focused on unresolved “details,” with local assembly at the top of the list.
France signals flexibility as India pushes for domestic production
France is prepared to offer major concessions to close the deal, according to Le Monde. The stakes are straightforward: New Delhi wants to reduce its military dependence on Russia and, to do that, it is seeking to build up its own defense industrial base.
Agreeing to an assembly line on Indian soil would not be a first for Paris. India’s navy already operates Rafales, and during Macron’s February 2026 trip, a final assembly line for helicopters was inaugurated in India.
According to Reuters, the two countries are considering joint production of the Rafale—an idea Macron described as “a new era” in French-Indian defense cooperation. Indian Prime Minister Narendra Modi and Macron also signed a framework agreement aimed at deepening ties in defense, technology and trade, in response to U.S. protectionist policies, Reuters reported.
A potential $35.6 billion-plus windfall for Dassault
| Parameter | Value |
|---|---|
| Number of aircraft | 114 Rafales |
| Approved amount (rupees) | 3.25 trillion rupees |
| Euro equivalent | about €30 billion to €33 billion |
| Indian approval date | February 12, 2026 |
| Status | In-principle approval; negotiations ongoing |
For Dassault Aviation, the potential payoff would dwarf its previous India contract. India bought 36 Rafales in 2016, which were delivered to the Indian Air Force. An order for 114 aircraft would be more than triple that volume in a single purchase.
Beyond Rafale: India eyes Europe’s next-generation fighter programs
The Rafale negotiations also sit inside a broader push by India to move from buyer to co-developer. According to OPEX360, India is also considering joining one of two European sixth-generation combat aircraft efforts: the Franco-German-Spanish SCAF program or the British-Italian-Japanese GCAP project.
Macron’s February 2026 visit to India also included an artificial intelligence summit and the inauguration of the country’s first final helicopter assembly line. Defense remains the central thread of the partnership for now, with the Rafale as its cornerstone. Negotiations over the contract’s industrial terms are continuing.
