An Indian cabinet committee gave its approval on Wednesday to a long-delayed deal to buy 36 fighter jets from France's Dassault.

A senior Indian Defence Ministry official said Prime Minister Narendra Modi's cabinet committee on security had given its green light to the multi-billion dollar Rafale jet purchase at a meeting in New Delhi and the defence ministers of both France and India would ink the agreement on Friday.

"The deal was approved at the meeting in the evening," the official told AFP on condition of anonymity.

"It will now be formally signed by Indian and French defence ministers on September 23 in New Delhi."

The official said that other details including the exact amount and formalities "will become clear after the signing event".

While stopping short of confirming the deal, the French presidency also said that Defence Minister Jean-Yves Le Drian would head to the Indian capital on Friday.

In a brief statement, the presidency said that Le Drian's visit had been "agreed in principle with Prime Minister Modi" when he met French President Francois Hollande at the G20 Summit in China earlier this month.

There was no immediate comment from Dassault but a report by the Press Trust of India put the purchase price at around $8.8 billion.

The Rafale purchase was first mooted in 2012 but has faced major delays and obstacles over the last four years.

India entered exclusive negotiations on buying 126 Rafale jets, but the number of planes was scaled back in tortuous negotiations over the cost and assembly of the planes in India.

Modi announced on a visit to Paris last year that his government had agreed in principle to buy the jets as India looks to modernize its Soviet-era military.