Reliance fails to deliver NPOVs

The Government has issued a show-cause notice to debt-ridden Reliance Naval and Engineering Limited (R-Naval) for its failure to deliver five Naval Offshore Patrol Vessels (NPOVs) under an Rs 2500 Crores deal and has encashed all its different bank guarantees worth around Rs 980 Crores. Defence ministry inked contract in May 2011, for five 2,000-tonne NPOVs to be delivered from 2014-2015 onwards.

No Comments Yet.

Leave a comment