31 Jul '16, 3am

MoD takes U-turn on cancellation of Black Shark torpedo contract

MoD takes U-turn on cancellation of Black Shark torpedo contract

The Ministry of Defence has put on hold plans to scrap its acquisition of 98 Black Shark heavyweight torpedoes from a subsidiary of tainted Italian firm Finmeccannica. Sources told that the decision to stall the scrapping of the Rs 1,800-crore torpedo deal was taken this month. Defence minister Manohar Parrikar is believed to have instructed MoD officials to hold on the cancellation until the MoD's new debarment policy is finalised. On May 6 this year, Parrikar announced a blacklist of Finmeccanica for bribery in the 560-million Euros VVIP helicopter deal in 2010. Defence ministry officials said that the process for revoking the Request for Proposal on the Black Shark torpedo contract, had been initiated in May this year. The torpedo is made by a Finmeccanica subsidiary WASS. WE HAVE ALTERNATIVE FOR FINMECCANICA'S TORPEDOS: PARRIKAR "Wherever there is capital procurement o...

Full article: http://www.defencenews.in/article/MoD-takes-U-turn-on-can...

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