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India bans Finmeccanica from bidding contracts after graft allegations

Reuters - UK Focus

NEW DELHI, Aug 26 (Reuters) - India has banned Finmeccanica group of companies from bidding in contracts, a defence ministry source said on Tuesday, as it presses on with an investigation into a scrapped helicopter contract with the Italian firm.

Finmeccanica (Other OTC: FINMF - news) declined to comment.

In January, India cancelled a 560 million euro ($751 million) order with Finmeccanica's unit AgustaWestland for 12 top-end helicopters after Italian prosecutors alleged the defence group had paid bribes to Indian officials to win the contract.

"Where a tender process is yet to commence, a company under the Finmeccanica group of companies should not be given tender papers for purposes of bidding," a defence ministry source said, setting out new rules for dealing with the firm. (Reporting by Nigam Prusty and Sanjeev Miglani; editing by Malini Menon)