Defexpo Organizers Face $480,000 In Losses After Finmeccanica Ban

The Indian Defence Ministry’s decision to ban 27 domestic and international firms from attending Defexpo 2014 has caused show organizers with the losses over $480,000.

Due to the cancellation of bookings of Finmeccanica and its subsidiaries AgustaWestland, Selex, Oto Malera, Aleania Aermachhi and WASS in view of a pending CBI probe against them, has resulted in the loss, according to the Economic Times.  

The organizers this year were expecting more than 624 participating companies including 256 Indian firms. The Italian defence group had booked space for itself and its group companies online but the Defence Ministry immediately imposed ban over their participation and is in the process of returning the money.

"Any firm which is facing any investigation or has been blacklisted, that company and its group firms will not be allowed to display their equipment at the Defexpo. AgustaWestland and Finmecannica had booked online for the show and their bookings were cancelled after we detected them," Secretary (Defence Production) G C Pati was quoted as saying.  "The Defence Ministry holds the right to cancel the booking of any such firms," he had said on the Defexpo starting tomorrow.