The $4 billion deal is likely to be put up before the Cabinet Committee on Security in the near future for consideration, Defence Ministry sources said.
The proposed deal has been delayed for a long time with India seeking several clarifications from the manufacturer Boeing, the sources noted.
The Defence Ministry has already approved funds for procuring the aircraft in this fiscal, they added.
Boeing, along with another US company Lockheed Martin, recently failed to qualify in the bid for 126 Medium Multi-Role Combat Aircraft (MMRCA) which the Indian Air Force is acquiring.
India is planning to procure the new transport planes to augment its fleet which presently comprises Russian-made aircraft Ilyushin-76 and Antonov-32.
After finalising the initial deal for 10 aircraft, the IAF is also planning to place orders for additional six aircraft.
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