IL&FS Engineering & Construction Co has received a letter dated 14 December 2018 from Maharashtra Metro Rail Corporation informing the Company of the decision of the competent authority to terminate the contract for construction of Seven Elevated Metro Stations, and Three At-Grade Stations (North South Corridor) viz. congress Nagar to Khapri and Viaducts between Ch: 7/850 to 8/030 and Ch: 8/574 to 9/692 in Reach-1 of Nagpur Metro Rail Project. The reason for termination is the alleged slow progress. Following such termination, all bank guarantees provided by the company (Rs 93 crore) would be encashed by Maharashtra Metro Rail Corporation.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
