Rail Vikas Nigam terminates contract with IL&FS Engineering & Construction Co
Capital MarketIL&FS Engineering & Construction Co has received a letter dated 20 December 2018 from Rail Vikas Nigam informing the Company of the decision of the competent authority to terminate the contract for construction of seven stations including related works from Sub - CBD-1 to Titumir in New Garia- Airport Metro Corridor of Kolkata Metro Railway. The reason for termination of the contract is slow progress. Rail Vikas Nigam will encash all BGs provided by the Company amounting to Rs.43
crore (Approx).
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