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Gujarat metro terminates contract with ILFS group company

Press Trust of India  |  New Delhi 

A group company of debt-ridden IL&FS Friday informed stock exchanges that has terminated a construction contract due to slow progress.

said it has received a letter from the informing about the decision to terminate the contract for construction of viaduct corridor from interface point with

"may encash BGs (bank gurantees) provided by the company amounting to Rs 37,46,44,257," the IL&FS group company said.

IL&FS group owes over Rs 90,000 crore debt and several of its companies have defaulted on loan repayments.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, January 11 2019. 21:20 IST
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