India Debuts Integrity Clause With $43-mil Fine On IMI

sesha_maruthi27

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India Debuts Integrity Clause With $43-mil Fine On IMI

India debuted the invocation of penalties on an integrity pact in a defence contract, by confiscating a $43-million (Rs 224-crore) bank guarantee from Israel Military Industries (IMI). The contract was for an ammunition factory in Nalanda, in Eastern India. IMI, incidentally, has decided to fight its blacklist in court.

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