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| French Rafale jet beats Eurofighter in $10bn India deal | French Rafale jet beats Eurofighter in $10bn India deal |
| (40 minutes later) | |
| French firm Dassault has emerged as the lowest bidder for a $10bn (£6.3bn) contract to supply India jet fighters. | |
| Dassault Aviation will now enter final negotiations before signing the deal that will supply India's air force with 126 Rafale aircraft. | Dassault Aviation will now enter final negotiations before signing the deal that will supply India's air force with 126 Rafale aircraft. |
| Correspondents say this is one of the world's biggest defence deals and is a major setback for rival bidder, the Eurofighter Typhoon. | Correspondents say this is one of the world's biggest defence deals and is a major setback for rival bidder, the Eurofighter Typhoon. |
| Eurofighter lost out in December on an $8bn deal to supply jets to Japan. | Eurofighter lost out in December on an $8bn deal to supply jets to Japan. |
| Shares in Dassault Aviation rocketed more than 20% as the latest news broke. | Shares in Dassault Aviation rocketed more than 20% as the latest news broke. |
| 'Purely cost' | 'Purely cost' |
| Officials at the British High Commission in Delhi said they were disappointed with the decision and would now study the details. | Officials at the British High Commission in Delhi said they were disappointed with the decision and would now study the details. |
| They added: "It was expressly said this was about the cost of the contract, not a reflection on the health of bilateral relations between India and the countries." | They added: "It was expressly said this was about the cost of the contract, not a reflection on the health of bilateral relations between India and the countries." |
| The officials said they "genuinely believed the [Eurofighter] Typhoon offered the best capability now and in the future". | The officials said they "genuinely believed the [Eurofighter] Typhoon offered the best capability now and in the future". |
| They also said it was "not beyond imagination" that India might decide the Rafale was not the right option as it continued the process. | They also said it was "not beyond imagination" that India might decide the Rafale was not the right option as it continued the process. |
| French Minister of State for Foreign Trade Pierre Lellouche welcomed the deal, the first foreign order for the Rafale multi-role jet. | French Minister of State for Foreign Trade Pierre Lellouche welcomed the deal, the first foreign order for the Rafale multi-role jet. |
| He said: "This is good news and France needs good news right now... It is good news for our aerospace industry and for our defence industry." | He said: "This is good news and France needs good news right now... It is good news for our aerospace industry and for our defence industry." |
| Mr Lellouche also complained that "political pressure applied by our competitors does not make things very easy". | Mr Lellouche also complained that "political pressure applied by our competitors does not make things very easy". |
| James Hardy, Asia Pacific specialist at IHS Jane's Defence Weekly, said this was a "big loss for Eurofighter". | |
| "The Typhoon was widely tipped to be the favourite and had major political support from the big beasts of the Eurofighter nations. Both Germany and the UK invested a lot of time in pushing the Typhoon, so this will hurt." | |
| Indian Defence Minister AK Antony had earlier cautioned that this remained a "long process" and that no deal would be signed before the end of March. | Indian Defence Minister AK Antony had earlier cautioned that this remained a "long process" and that no deal would be signed before the end of March. |
| One Indian defence ministry source confirmed to Reuters that the Rafale had been "much cheaper unit-wise", adding: "Moreover, the Indian air force, which is well-equipped with French fighters, is favouring the French." | One Indian defence ministry source confirmed to Reuters that the Rafale had been "much cheaper unit-wise", adding: "Moreover, the Indian air force, which is well-equipped with French fighters, is favouring the French." |
| The Typhoon is built by the German and Spanish branches of European aerospace giant EADS, Britain's BAE Systems and Italy's Finmeccanica. | The Typhoon is built by the German and Spanish branches of European aerospace giant EADS, Britain's BAE Systems and Italy's Finmeccanica. |
| Four other bidders had dropped out in the lengthy Indian selection process. | Four other bidders had dropped out in the lengthy Indian selection process. |
| India is the biggest arms importer among emerging nations. |