India and France on Monday inked an intergovernmental agreement to procure 26 naval variants of Rafale fighter jets at a cost of Rs 63,000 crore for the Indian Navy. The pact was sealed at a virtual event.

India is procuring the jets from French defence major Dassault Aviation for deployment on board aircraft carrier INS Vikrant. Defence Minister Rajnath Singh was present at the signing ceremony. The sealing of the mega deal came three weeks after the Cabinet Committee on Security (CCS) headed by Prime Minister Narendra Modi cleared the procurement. Under the terms of reference, the delivery of the jets will have to start around five years after signing of the contract.