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Thursday, January 02, 2014

India cancels €560m AgustaWestland helicopter order

AW101 helicopterIndia has cancelled a €560m contract to buy high-end helicopters from AgustaWestland, a subsidiary of Finmeccanica, in move that underlines the unpredictability of one of the world’s biggest defence markets.

Sitanshu Kar, a ministry spokesman, said the agreement had been “terminated with immediate effect” because of “integrity-related issues” in a contract that had been dogged by allegations of corruption.

The cancellation highlights the uncertainties of the growing Indian defence market, traditionally dominated by Russian supplies but increasingly attractive to European and US companies.

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