UPDATE: Global Cos Vie For $12B India Defense Contracts

Source: Wall Street Journal

NEW DELHI (Dow Jones)--The Indian Air Force Wednesday said it has completed the technical evaluation of six fighter jets from companies including Lockheed Martin Corp. (LMY) and Boeing Co. (BA) for a contract estimated at more than $10 billion.

The South Asian nation has also invited initial bids, estimated at $2 billion, from global companies to buy 22 combat helicopters and another 15 for heavy-lift duties.

India plans to buy the combat jets and helicopters to modernize its mainly Soviet-vintage defense fleet. The Indian Air Force has 1,700 aircraft, including helicopters and transport planes, according to its Web site.

"The technical evaluation report (of the fighter jets) is now with the Ministry of Defense and we are awaiting their clearance," Air Force Chief Fali Homi Major told a news conference.



Read more: http://online.wsj.com/article/BT-CO-20090527-705804.html