The contract was cancelled two weeks ago due to the delay in the delivery of the vessels, sources said. The contract to build five warships was signed with the company in 2011, much before the Reliance Group took over the Gujarat-based shipyard from its erstwhile owner Nikhil Gandhi.
That includes the building of an anti-submarine warfare Corvette and an aircraft carrier for the navy.
Mikheev said Russia and India are holding talks with a view to sign a contract for 48 (Mi-17V-5) helicopters.
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