India warns arms companies of action for default in offset commitments

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.

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