Indian Navy asset delays

Concerns over delays.

In action against Reliance firm, Navy encashes bank guarantee in Rs 3,000-crore vessel deal

In a punitive action, the Navy has encashed a bank guarantee of the Reliance Naval Engineering Ltd in the Rs 3,000-crore contract for five offshore patrol vessels due to long delays in their supply, and said Monday that the deal is being examined.

“There is no preferential treatment being given to RNEL. Its bank guarantee has been encashed. Punitive action has been taken against it. The process is being taken forward,” Navy Chief Admiral Sunil Lanba said at a press conference.

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Source: newindianexpress.com

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