After 13 many years of a punitive suspension from undertaking defense business in India, the country’s Ministry of Defense has officially withdrawn South African company Denel from the blacklisting.
The ban was recently lifted carrying out a May 2018 judgement with the Supreme Court, which dropped all corruption charges from the defense company, according to an MoD official.
Denel, who’s ranked 84 about this year’s Top 100 list, was among the prime contenders for small arms, ammunition and artillery programs in the 1980s in India.
The blacklisting was also lifted carrying out a personal request from South African President Cyril Ramaphosa to Indian Prime Minister Narendra Modi during a July meeting in Johannesburg.
A few months earlier in April, India’s national investigation agency, the Central Bureau of Investigation, had filed the closure directory the corruption case against Denel inside the Supreme Court.
Denel executives were unavailable for comment.
Another MoD official said the South African company waived a $100 million penalty that has been imposed on the MoD with the Supreme Court following arbitration proceedings.
Denel was blacklisted in 2005 by the then-United Progressive Alliance-run government over allegations that the company paying kickbacks to secure a deal from the year 2000 for your Indian Army’s global tender to get of just one,000 NTW-20 anti-materiel rifles along with 398,000 rounds of ammunition.
Under the deal, 700 anti-materiel rifles were to be purchased directly and the remaining 300 rifles produced under license in one of many factories in the state-owned Ordnance Factory Board, out of which one only 400 rifles were inducted; the remaining were place on hold.