The Indian government will formally close the Rs 48,000 crore deal with state-run aerospace major Hindustan Aeronautics Limited on February 3 to acquire 83 Tejas light combai aircraft for the Indian Air Force, officials said on Tuesday.

They also said that the mega contract will be signed in presence of Defence Minister Rajnath Singh, top officers of the IAF and senior officials of the Hindustan Aeronautics Limited (HAL) at the Aero India air show in Bengaluru, reported PTI.

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The Cabinet Committee on Security (CCS) chaired by Prime Minister Narendra Modi sanctioned the deal on January 13 this year for acquirement of the 73 Tejas Mk-1A variant and 10 LCA Tejas Mk-1 trainer aircraft from the HAL to magnify Indian Air Force's combat prowess.

Tejas is a single engine and highly agile multi-role supersonic fighter efficient of working in high-threat air environments. It is also a potent platform for air combat and offensive air support with reconnaissance and anti-ship operations as its secondary roles. The Tejas Mk-IA will have an active electronically scanned array radar, beyond visual range missile, electronic warfare suite and air-to-air refuelling system, reported PTI.

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The aircraft’s complete cost of Rs 48,000 crore includes design and development cost of Rs 2,500 crore designated to Aeronautical Development Agency (ADA) and an approx of Rs 2,250 crore given for variations in foreign currency exchange rate.

Last month, Hindustan Aeronautics Limited’s Chairman and Managing Director R Madhavan told PTI that the delivery of the aircraft, manufactured by the HAL, to the IAF will commence from March 2024 and around 16 aircraft will be given yearly till completion of the total supply of 83 jets.

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Madhavan also mentioned that the basic price of the aircraft will cost approx Rs 25,000 crore while ground support equipment will cost Rs 11,000 crore.

The cost for each fighter version of the four-and-half generation aircraft will cost Rs 309 crore and Rs 280 crore for the trainer version, added HAL chairman and managing director.