MILAN (Reuters) - A Milan judge has rejected a request by India to recover some 270 million euros in bank guarantees over a scrapped helicopter deal with Italian group Finmeccanica , confirming a previous decision, two people with direct knowledge of the matter said on Monday.
"The ruling has confirmed the block on three out of five guarantees, continuing to block an overall amount of around 276 million euros," one of the sources said, adding that the ruling can be appealed.
Finmeccanica had no immediate comment.
India, which had already cashed in two bank guarantees worth 2.4 billion Indian rupees backing the scrapped contract with Finmeccanica's helicopter unit AgustaWestland, cancelled the 560-million-euro deal for 12 high-end helicopters in January.
(Reporting by Manuela D'Alessandro and Danilo Masoni; editing by Agnieszka Flak)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app