Deals
India Scraps AgustaWestland Chopper Contract on Graft Probe
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India scrapped a $753 million deal to buy helicopters from Anglo-Italian company AgustaWestland following a 15-month corruption investigation and said it’s preparing for an arbitration fight it is seeking to avoid.
The 2010 deal for 12 helicopters from the unit of Italy’s defense and aerospace manufacturer Finmeccanica SpA has been terminated “with immediate effect” because of “breach of the pre-contract integrity pact (PCIP) and the agreement,” the Defense Ministry said in a statement in New Delhi yesterday. A former Indian air force chief and about 10 other officials are under investigation over the sale.