Italy's highest court has suspended a sentence handed earlier this year to the former boss of aerospace and defence group Finmeccanica, Giuseppe Orsi, for false accounting and corruption in connection with the sale of 12 luxury helicopters to India, Italian media reported.
Terming India as an "interesting market" for it, the company hoped that "an agreed and transparent solution" was found as soon as possible, in order to shed light on current initiatives and future business opportunities.
The government has decided to cancel all ongoing tenders for defence equipment won by Italy's Finmeccanica as a precursor to blacklisting of the firm which is being investigated for bribery in the AgustaWestland VVIP chopper deal.
After CBI quizzed him for three days, former Air Force chief S P Tyagi was today subjected to a marathon 10-hour questioning by the ED in connection with the controversial Rs 3,600 crore AgustaWestland chopper deal.
AgustaWestland was not blacklisted during the UPA rule, top Modi government sources claimed today, asserting it was the NDA dispensation which had put on hold all acquisition proposals with the VVIP chopper scam-tainted firm.
Germany's defence minister held out the prospect of more talks on a possible sale of Eurofighter jets to India and, on a visit to New Delhi, said on Wednesday Berlin stood ready to back a multi-billion-dollar Indian submarine project.
Christain Michel had allegedly spent Rs 4 crore on air travels of top Indian officials, amongst them retired Air Marshal Gautam Nayyar. Michel had spent Rs 56 lakh on retired Air Marshal Gautam Nayyar and his family between 2010-2013, even after the officer had retired from the IAF.
For Hitachi, which relocated its rail division to London last year, the main focus of the deal is rail signal system unit Ansaldo STS, a profitable business which would help it sell combined carriage and signals packages as well as give it a manufacturing presence in continental Europe.
The first nine months of this year show a loss of 136 million euros compared to a 141 million euros plus in 2012. The prime reason: suspended payments in the Indian helicopter deal. Next, there could be job losses at Agusta Westland.
AgustaWestland, which is surrounded by controversies over the VVIP chopper deal, is appointing a former British Government employee Jackie Callicut as its India head, a post which was vacant for over a year.
Facing allegations of paying bribes to bag the Rs 3,600 crore deal for supplying 12 helicopters to India, Italian company Finmeccanica today said it is responding to the show cause notice issued by the Indian defence ministry.
India's defence ministry issued a "show cause" notice to Finmeccanica on Friday seeking to cancel a USD 750 million deal to buy a dozen helicopters and gave the Italian company seven days to reply.
Italian Prime Minister Mario Monti today said his government was prepared to do "whatever necessary to clean up" industrial group Finmeccanica after the arrest of its CEO in an investigation related to the sale of 12 helicopters to India.
In a big development in Italy that may have huge repercussions in India, the head of Italian defence group Finmeccanica, the owners of AgustaWestland, has been arrested over ongoing corruption investigations into his group.
India is investigating the payment of kickbacks linked to the purchase of a dozen helicopters from Italian state-controlled defence group Finmeccanica and could put off the deal, an Indian Defence Ministry official said.
AgustaWestland, part of Italian aerospace group Finmeccanica, is not under investigation over alleged irregularities in a deal to sell helicopters to India, the group's UK chief said on Monday, denying media reports.
India's defence ministry has sought a report from Indian Embassy in Rome on new media reports of alleged foul play in a 560 million euro helicopter deal with Italy's Finmeccanica .
European consortium Eurofighter expects the global combat aircraft export market to reach 800 units in 20 years, and it expects to deliver 250 of those planes, a senior executive said on Thursday.