India warns arms companies of action for default in offset commitments

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Cracking the whip against foreign armament majors for failure to fulfil their offsets obligations in defence deals, India has threatened to ban a US company and put another 11 American, French, Russian and Israeli firms on a watch-list for imposition of penalties. The defence ministry (MoD) has delivered a stern message to the arms companies, seeking repeated time extensions to discharge their offsets commitments, that it won’t be business as usual any longer, say top sources.

from India News | Latest News Headlines & Live Updates from India - Times of India https://ift.tt/2WvJsXC

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