Italy Judge Rejects India Request To Recover Agustawestland Guarantees

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Milan:  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. 

© Thomson Reuters 2014