India
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Defence ministry says Neco has no MoD supply orders
The Indian Express··8 Sept
Defence Ministry officials said Neco Defence Munitions has no dealings with the ministry or the armed forces. The note followed Estonian Defence Minister Hanno Pevkur's resignation over a roughly €70 million ammunition buy for Ukraine. Estonian reports link Italian firm Datasel, acquired by Neco in 2024, to that contract. Jayaswal Neco Industries said Datasel is not its subsidiary.
Prism
What It Means For You
- Indian MoD buyers are not part of the Estonia-Ukraine shell contract under review.
- Jayaswal Neco Industries told markets the Estonia dispute has no impact on its books.
- Officials said Neco may have supplied state police, as claimed on its website.
What's Happening
- Estonia's Centre for Defence Investments made about €70 million in advance payments for artillery ammunition.
- The purchase was financed through the European Union's European Peace Facility, ERR reported.
- Pevkur resigned taking political responsibility for the procurement controversy.
Who Owns Datasel
- Officials said Neco is a Nagpur-linked promoter entity owned by Anand and Siddharth Jaiswal.
- Neco acquired Datasel in 2024 and has a Romania-based filling facility for Estonia-bound shells.
- Estonian reporting said neither Datasel nor Neco had produced artillery shells when contracts were signed.
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