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Tuesday, October 09, 2012

Penalty of Rs 600 cr may be imposed for Gorshkov delay

INS Vikramadity |Ahead of Defence Minister-level talks with Russia, India on Monday warned that it could impose a penalty of up to Rs 600 crore for the delay in handing over of aircraft carrier Admiral Gorshkov.

"We may impose liquidity damages up to five per cent of the Admiral Gorshkov contract worth over USD 2.3 billion if there are delays in supply of the warship," a senior Defence Ministry official said here.

A final decision in this regard would, however, be taken only after the meeting between Defence Minister AK Antony and his Russian counterpart Anatoly Serdyukov on Wednesday, he said.

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