29th August 2013Bookmark and Share
PHO close to sealing z³.800 million deal with India - Warsaw Business Journal - Online Portal - wbj.pl
Polish Defence Holding (PHO) is finalizing talks on a major contract in India, according to sources quoted by Gazeta Wyborcza. The deal involves the Polish firm selling 200 WZT-3 armored recovery vehicles for zł.800 million.
The newspaper's sources claim that the contract could be signed in September. PHO's spokesperson Stanisław Wojtera confirmed that talks are in progress, but also said that no deal has yet been signed. We of course hope for a positive outcome, he said.
Sources said that the Indian side is eager to sign the deal quickly. Local authorities have reportedly withdrawn from earlier demands for restrictive fines in case PHO does not fulfill the terms of the contract.
The issue of penalty payments is important to PHO as its last deal with India nearly bankrupted the company. In 2011 PHO -- then called Bumar -- agreed to deliver over 200 armored vehicles to the Indian military. The contract, whose details were not revealed to the firm's management board, carried fines for delays or technical problems that exceeded the value of the contract itself, Polish media reported. The scandal eventually led to the resignation of the company's CEO at the time.
PHO close to sealing z³.800 million deal with India - Warsaw Business Journal - Online Portal - wbj.pl
Polish Defence Holding (PHO) is finalizing talks on a major contract in India, according to sources quoted by Gazeta Wyborcza. The deal involves the Polish firm selling 200 WZT-3 armored recovery vehicles for zł.800 million.
The newspaper's sources claim that the contract could be signed in September. PHO's spokesperson Stanisław Wojtera confirmed that talks are in progress, but also said that no deal has yet been signed. We of course hope for a positive outcome, he said.
Sources said that the Indian side is eager to sign the deal quickly. Local authorities have reportedly withdrawn from earlier demands for restrictive fines in case PHO does not fulfill the terms of the contract.
The issue of penalty payments is important to PHO as its last deal with India nearly bankrupted the company. In 2011 PHO -- then called Bumar -- agreed to deliver over 200 armored vehicles to the Indian military. The contract, whose details were not revealed to the firm's management board, carried fines for delays or technical problems that exceeded the value of the contract itself, Polish media reported. The scandal eventually led to the resignation of the company's CEO at the time.