India will buy 36 Rafale fighter jets from France, Indian Prime Minister Narendra Modi announced Friday on his first day of visit in France.

"I have asked the President (Francois Hollande) to supply 36 ready-to-fly Rafale jets to India," said Modi during a joint press conference, adding that the terms and conditions are not finalized yet.

He said officials from both countries will discuss these issues in more details and continue negotiation.

France's Defense Minister Jean-Yves Le Drian would travel to India soon to finalise the deal, according to the French president.

The contract could be worth 4 billion euros (4.24 billion U.S. dollars), with the price of a Rafale is estimated at 110 million euros without arms.

In 2012, French company Dassault Aviation entered into exclusive negotiations with India to supply 126 fighters, a deal worth 12 billion euros.

According to previous reports, the deal's value had risen to 20 billion euros as India wanted to build 108 jets at home.

French President Francois Hollande confirmed in February the sale of 24 Rafale fighter jets and related military equipments to Egypt, the first overseas contract of the Dassault Aviation-built planes.

The Rafale, manufactured by French company Dassault Aviation, is a twin-engine delta-wing multi-role jet fighter. Since it was introduced in 2000, it only serves in the French navy.

Due to its high price, the French aircraft faces competition from Boeing's F/A-18 Super Hornet and Gripen NG from Sweden's Saab. (1 euro = 1.06 U.S. dollars)