(21 August 2007 2:02 pm)

MUMBAI: Microsoft Corp will slash the price of its Xbox 360 video game console in Europe by 50 euros, the company said in an official announcement. The price cut follows a similar move in the U.S. earlier this month.

Beginning this Friday, Microsoft will charge gamers 350 euros (about $470) for console, which includes a 20-gigabyte hard drive. Meanwhile, the advanced Xbox 360 Elite Console equipped with high-definition video features and a 120 GB hard drive will be sold for 450 euros (about $600).

Currently in the U.S., Microsoft sells the 20GB Xbox 360 for $349 (€259), while the Xbox 360 Elite costs $449 (€333).

Microsoft's U.S. price reduction came soon after Sony's decision to cut the price of its 60GB PlayStation 3 to $499 (€370) from $599 (€445) in early July.

Nintendo Corp.'s Wii, the least expensive of the current crop of next-generation consoles costs $250 (€185)in the U.S.

Sony has not cut the price of the PlayStation 3 in Europe. It has, however, announced in July that it would include two games and two wireless controllers at no extra charge.