The financial woes of Reliance Naval and Engineering, after its acquisition of Pipavav Defence and Offshore Engineering, has not only spelt trouble for lenders but even a few public sector suppliers, which have been badly hit by the development.
According to sources, around $30 million worth of Bharat Electronics Ltd’s (BEL’s) order was stuck as the private sector defence company was not able to honour its commitment to take the supply, despite placing orders.
“Around $30 million worth of order was not picked up during the last financial year, as Reliance Naval was not able to honour its
According to sources, around $30 million worth of Bharat Electronics Ltd’s (BEL’s) order was stuck as the private sector defence company was not able to honour its commitment to take the supply, despite placing orders.
“Around $30 million worth of order was not picked up during the last financial year, as Reliance Naval was not able to honour its