SOURCE: RAUNAK KUNDE / NEWS BEAT / IDRW.ORG.
The Defence Acquisition Council (DAC), which is the apex body of the MoD will be meeting at end of this month and will decide the course of action for the companies that have practically defaulted from their offset commitments after bagging multi-million dollar military contracts from India.
Russian Aircraft Corporation, Rafael Advanced Defense Systems, Boeing, BAE Systems, Elbit Systems along with Dassault Aviation, Safran, and Thales will be given last and final warning that if they do not deliver on their offset promise, the government would be forced to bar them from any future bidding.
All these companies have $13 billion offset commitments but have executed contracts worth only $2.4 billion in the last 15 years. Over the years, multiple warnings and show-cause notices have been issued and some have lost their bank guarantees and deposits, yet many foreign original equipment manufacturers have not honored their commitments.
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