India to appeal against Italy court’s verdict over AgustaWestland

After an Italian judge rejected India’s bid to recuperate AgustaWestland guarantees, Indian government is set to appeal against the verdict.

The judge of Milan court has ruled in favour of AgustaWestland by rejecting a request placed by India to recover more than 278 million euros (Rs. 2364 crore) in bank guarantees  after it cancelled 560 million euro helicopter deal with Finmeccanica following allegation of corruption.

“The Milan court has confirmed the ruling made last January, prohibiting… the payment of collateral of more than 278 million euros deposited in relation to the contract,” Finmeccanica said in a statement.

India has so far managed to recover two bank guarantees worth 2.4 billion Indian rupees.

(Additional info: Reuters)

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