IL&FS Engineering & Construction Co has received a letter dated 08 January 2019 from Gujarat Metro Rail Corporation informing the Company of the decision of the competent authority to terminate the contract for construction of Viaduct Corridor from Interface Point with Gyaspur Depot, i.e. Abutment of Depot to APMC Metro Rail Station to Shreyas Metro-Rail station all-inclusive of elevated Via-duct portion from Chainage (-) 1374.50 to (+) 3246.50 m and Elevated Metro Stations (four Numbers) Viz. APMC, Jivraj, Rajivnagar and Shreyas for Package-1 of North-South Corridor for Ahmedabad Metro Rail Project Phase-1.
Reason for termination of contract is slow progress and impact thereof will be encashment of BGs provided by the company amounting to Rs 37.46 crore by Gujarat Metro Rail Corporation.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
