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The Essel group’s Clean Ganga project in Prime Minister Narendra Modi’s constituency Varanasi is caught in a logjam owing to delays in construction.
India Ratings and Research (Ind-Ra) says there is uncertainty over timely completion of the project due to the upcoming monsoon season. Also, higher reliance on the sponsor to fund the shortfall is adding to the uncertainty, it added.
Varanasi STP Project Private Limited (VSPPL), which is 74 per cent owned by Essel Infraprojects (EIPL), is developing a sewage treatment plant at Ramana in Varanasi. The agency has downgraded VSPPL’s bank loans from ‘BBB’ to ‘BBB-’. The outlook
