The EPC contract awarded to BGR Energy for the 660 MW power plant has been canceled. According to the statement, the company has appealed against it in the Madras High Court.
New Delhi. BGR Energy Systems Said on Monday that the Tamil Nadu Generation and Distribution Corporation has canceled the Rs 4,442.75 crore contract awarded to it for setting up a 660 MW power plant and forfeited the bail amount of Rs five crore. In its letter dated 12 December 2019, the company told the stock market that it had received the EPC (Engineering Procurement and Construction) contract from the Tamil Nadu Production and Distribution Corporation under which a 660 MW capacity power plant is to be set up.
BGR Energy told the stock market that it had received a letter dated 23 April 2021 from the corporation stating that the contract of interest (LOI) related to the contract had been canceled due to non-submission of bank guarantee and five crore rupees. A bail amount of Rs has been seized. According to the statement, the company has appealed against this in the Madras High Court.
Disclaimer:Prabhasakshi has not edited this news. This news has been published from PTI-language feed.