Rafale deal: the missing bank guarantee

March 06, 2019 07:26 pm | Updated 07:26 pm IST

In its final report submitted to the Defence Ministry on July 21, 2016, the seven-member Indian Negotiating Team (INT) estimated the cost of loading bank guarantees, which the French commercial suppliers with backing from the French government refused to do, as €574 million.

This made the €7.87 billion inter-governmental agreement signed on September 23, 2016 by the National Democratic Alliance government for the aircraft and weapons packages for the 36 fly-away Rafale fighter jets more expensive by €246.11 million than the estimated aligned cost of the Rafale aircraft deal initiated by the United Progressive Alliance government.

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