Ministry of Defence
azadi ka amrit mahotsav

OFFSET OBLIGATIONS IN DEFENCE CONTRACTS

Posted On: 04 APR 2022 3:15PM by PIB Delhi

The total number of offset contracts in which the vendors have defaulted/non-performed offset obligation during the last five years is 21 with non-performed amount of US $ 2.24 Billion till 31st December, 2021. Action is taken against the defaulting/non-performing vendors by imposing penalty, after following the laid down procedure and same has been completed in 16 contracts with levying of penalty amounting to $ 43.14 million till 31st December, 2021. During the last five years, offset claims worth US $ 2.64 Billion have been submitted in 47 offset contracts till 31st December, 2021.

 This information was given by Raksha Rajya Mantri Shri Ajay Bhatt in a written reply to Shri John Brittas in Rajya Sabha on April 04, 2022.

 

ABB/Savvy



(Release ID: 1813155) Visitor Counter : 645


Read this release in: Urdu