Reuters: India Cabinet Clears $2.5B Boeing Apache, Chinook Buy

ChinookIndia will move forward with its $2.5 billion purchase of Boeing-built (NYSE: BA) Chinook and Apache helicopters, Reuters reported Tuesday.

Nigam Prusty and Tommy Wilkes report the deal covers 15 Chinook heavy-lift helicopters and 22 Apache attack aircraft and contains an option to purchase seven additional Chinooks and 11 more Apaches.

The government approved the deal after Boeing extended the deadline for its price assurance on the helicopters to Sept. 30, according to the report.

India’s finance ministry gave its blessing for the deal last week and the country’s cabinet committee on security approved the transaction Tuesday, Reuters reported.

The approval comes as Prime Minister Narendra Modi is traveling to the U.S. as part of his push to attract more foreign investments into India, according to the report.

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