{"id":54483,"date":"2015-08-12T18:47:07","date_gmt":"2015-08-12T18:47:07","guid":{"rendered":"https:\/\/one.sightlinemg.com\/defensenews\/uncategorized\/2015\/08\/12\/indian-proposal-would-restrict-private-firms-undergoing-debt-restructuring\/"},"modified":"2026-08-08T00:01:19","modified_gmt":"2026-08-08T00:01:19","slug":"indian-proposal-would-restrict-private-firms-undergoing-debt-restructuring","status":"publish","type":"post","link":"https:\/\/one.sightlinemg.com\/defensenews\/pentagon\/2015\/08\/12\/indian-proposal-would-restrict-private-firms-undergoing-debt-restructuring\/","title":{"rendered":"Indian Proposal Would Restrict Private Firms Undergoing Debt Restructuring"},"content":{"rendered":"\n

NEW DELHI\u00a0\u2014 An Indian Defence Ministry committee has <\/span>recommended that private sector companies undergoing debt restructuring be barred from participating in major defense projects under the “Make in India” category.<\/p>\n\n\n\n

The committee,\u00a0headed by former Home Secretary Dhirendra Singh, also recommended that\u00a0is to nominate\u00a0<\/span>select private sector companies be nominated as strategic partners in\u00a0defense projects, raising them to an equal level with\u00a0state-owned defense companies.<\/p>\n\n\n\n

The committee\u00a0recommendations have been <\/span>were submitted to the MoD and could help shape are under consideration to frame <\/span>the next Defense Procurement Procedures review, said an MoD source who did not want to be named.\u00a0<\/p>\n\n\n\n

While analysts and officials unanimously support the idea of nominating\u00a0select private sector companies\u00a0as\u00a0strategic partners, there\u00a0is disagreement regarding the committee recommendation to block\u00a0of the committee which wants \u00a0blocking \u00a0<\/span>those private sector companies undergoing corporate debt restructuring (CDR).<\/p>\n\n\n\n

If\u00a0the\u00a0committee\u2019s recommendations pertaining \u00a0to \u00a0CDR \u00a0<\/span>are\u00a0accepted by MoD,\u00a0then new\u00a0entrants may find it difficult to get strategic projects in the “Make in India”\u00a0category, said an official of the MoD.<\/p>\n\n\n\n

Analysts, however, are divided on this proposal.<\/p>\n\n\n\n

“I do not think it necessarily implies blocking of entry of new firms, but a blanket disqualification on companies undergoing corporate debt restructuring does not seem to be a good idea as it amounts to denying an opportunity to a company which has all the right credentials in terms of its technical competence if it happens to be undergoing a corporate debt restructuring,” said\u00a0Amit Cowshish, former MoD additional <\/span>financial adviser.<\/p>\n\n\n\n

The MoD official, however,\u00a0, without being \u00a0named <\/span>said he\u00a0favors is \u00a0in favour \u00a0of \u00a0 \u00a0<\/span>blocking the entry of those\u00a0private sector companies undergoing corporate debt \u00a0restructuring.<\/p>\n\n\n\n

“There are several large industrial houses that are under financial stress. The defense manufacturing industry is capital intensive and also has lengthy gestation periods. Thus it is prudent for the MoD to bar companies that are under CDR from participating in MoD’s ‘Make’\u00a0programs. We cannot permit the nation’s security needs to be compromised in any manner,” \u00a0the official said.<\/p>\n\n\n\n

Under the “Make” category,\u00a0projects are strategic in which <\/span>the government provides\u00a080 percent of the\u00a0funding toward\u00a0developing prototypes and\u00a0the remaining\u00a020 percent is\u00a0financed by the development agency, whether from private or state-owned defense companies. \u00a0<\/p>\n\n\n\n

Big ticket projects like the future\u00a0Futuristic \u00a0<\/span>infantry combat vehicle,\u00a0worth US $11 billion,\u00a0and\u00a0the future main battle tank, worth $10 billion, are listed in this category.<\/p>\n\n\n\n

“The financial health of the contractor is important. However, this is a chicken and egg issue, since financial health will improve if orders are placed,” said\u00a0Vivek Rae, former MoD director general, procurement.<\/p>\n\n\n\n

“Infrastructure available with the company should be of paramount consideration. Companies undergoing CDR need not be automatically excluded. A case-by-case approach may be useful,” \u00a0 he said. says Vivek Rale, former MOD Director General Procurement.<\/span><\/p>\n\n\n\n

An\u00a0executive of the\u00a0Federation of Indian Chambers of Commerce and Industry, (FICCI) \u00a0<\/span>while welcoming the recommendation to allow private sector companies access to strategic projects,\u00a0refused to comment on the proposal pertaining to CDR.<\/p>\n\n\n\n

Regarding the recommendation\u00a0of \u00a0the \u00a0Committee <\/span>that private sector companies can\u00a0be designated as strategic partners, Cowshish said\u00a0it would be difficult to select one from among the many available.\u00a0<\/p>\n\n\n\n

“While the big companies would like to be designated as a strategic partner, it is going to be difficult to fix the criteria without this being challenged by the companies who are left out,” he said.<\/p>\n\n\n\n

According to the unnamed\u00a0MoD official, “Once a group company has been nominated as a strategic\u00a0partner in a particular program, the same group should not be permitted to participate in other program types [warships,\u00a0submarines, tanks, vehicles, missiles, etc].\u00a0The selection criteria should be open and transparent with even a possibility of public opinion being taken into account.”<\/p>\n\n\n\n

Ankur Gupta, defense analyst with Ernst & Young India, said\u00a0some of the recommendations of the committee are positive and forward looking.<\/p>\n\n\n\n

“I also hope that the select committee has studied and suggested suitable corrective steps for areas that are not a part of the DPP, but have a great bearing on its outcome,\u00a0such as direct and\u00a0indirect taxes as well as deemed exports,” he said.<\/p>\n\n\n\n

“The\u00a0entire procurement process has become very bureaucratic and cumbersome and it is unlikely that the latest committee report can make it \u00a0simpler,” said Nitin Mehta, a defense analyst.<\/p>\n\n\n\n

Email: vraghuvanshi@defensenews.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

An Indian Defence Ministry committee would restrict private sector defense companies undergoing debt 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