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article imageSouth Korea boosts air defenses with about $6.8 billion budget for F-35s

    Mar 24, 2014 in Business

SEOUL (Reuters) - South Korea has set a budget of around 7.34 trillion won ($6.79 billion) for 40 Lockheed Martin <LMT.N> F-35 fighter jets, a source with direct knowledge of the deal said on Monday, in a purchase to be finalized in the third quarter.

Arms procurement agency Defense Acquisition Program Administration (DAPA) reported the estimated budget of 7.34 trillion won to a committee overseeing military procurements earlier on the day, the source said.

The source declined to be identified as not authorized to speak to media.

South Korea decided to redraw the terms of a 8.3 trillion won tender to buy 60 fighters last year after rebuffing Boeing Co's <BA.N> F-15s, reducing the number in December to an initial 40 jets.

($1 = 1080.2500 Korean won)

(Reporting by Joyce Lee; Editing by Jeremy Laurence)

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