BGR Energy Systems updates on agreement with its JV partners Hitachi & Hitachi Power Europe

Agreement settling inter se disputes comes into effect from 29 April 2016

BGR Energy Systems announced that with respect to an Agreement executed by the Company on 30 March 2016 at Tokyo, Japan with Hitachi, Japan and Hitachi Power Europe GmbH, Germany (the "Agreement") to settle their inter se disputes. The Agreement has come into effect and has become legally binding with effect from 29 April 2016 upon fulfilment of the conditions mentioned therein.

The agreement provides for execution of NTPC contracts for Solapur (2x660 MW) and Meja (2x660 MW) of supercritical Steam Generators (Boilers) and Lara (2x800 MW) Supercitical Steam Turbine and Generators (STG) (collectively referred to as NTPC projects) and for certain arrangement with respect to the future of the JV partnership between HTC, HPE and the company in respect of the existing joint venture companies viz, BGR Boilers and BGR Turbines Company after completion of NTPC projects in compliance with the NTPC contract and other related conditions.

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