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Milan: Italian aerospace and defence giant Finmeccanica insisted it had acted “correctly" in a deal to sell India 12 helicopters, amid investigations in Italy and India over alleged bribes paid for the contact.

“Finmeccanica highlights that it has acted correctly throughout the 40 years it has operated in India, one of the most strategically important markets for the entire group," the company said.

“Finmeccanica underlines that its companies have operated for many years and continue to operate in India, with managerial and operational autonomy, complying fully with Indian law and the ethics principles of the group," it said in a statement.

“Finmeccanica is ready to cooperate with the Indian authorities in order to clarify the matter and will collaborate in accordance with international procedures," it added.

Finmeccanica’s CEO Giuseppe Orsi was arrested earlier this month in connection with the inquiry.

He has since resigned his post but has insisted he knew nothing about any bribes or kickbacks.

India has said it is taking steps to cancel the $748 million (€560 million) contract for 12 helicopters from Finmeccanica-owned AgustaWestland amid allegations the deal was won through bribes of up to €50 million ($66 million).

India has already received three of the choppers. The rest were to be delivered by the end of 2014.

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