The presentation of the MiG-35 aircraft was held on Wednesday on the sidelines of the Aero India show.

Russia's advanced MiG-35 light-class fighter jet, participating in the Indian Air Force tender for the purchase of 110 aircraft of this kind, would cost India 20 percent less than similar foreign models, the Russian MiG Aircraft Corporation said on Thursday.

"In terms of economic operations, it is well known that the Russian aircraft are at least 20 percent cheaper than similar models produced by other plane-manufacturers," JSC Russian Aircraft Corporation ''MiG'' Director General Ilya Tarasenko told PTI at the 12th edition of Aero India Show.

He further said his company does not have any a competitor in this sphere as Mig 35 is the most up-to-date in the world.

"Technically too, the Russian company is far ahead of its competitors," he said. Mr Tarasenko said the aircraft can also be upgraded while operational and would be done based on the demand requirement of the customer for the entire life-cycle of the aircraft. "This aircraft has at least a 40-year life-cycle," he said.

Mr Tarasenko further said the Mig-35 project would be fully localised based on tender requirements. He said if the company wins the tender for Mig-35, it would start manufacturing the aircraft in India. "We have

already done a lot of work in India since 1963. We are ready to expand our connection with the Indian industry and we are fully ready," he added.

The presentation of the MiG-35 aircraft to India's Defence Minister Nirmala Sitharaman was held Wednesday on the sidelines of the Aero India show.

Also in the race for 110 aircraft for the Indian Air Force is the Rafale fighter jet for which the government had floated an RFI (Request for Information) last year. The RFI or initial tender for the deal was issued by IAF on April 6, 2018, the first mega procurement initiative for fighter jets.