IL&FS crisis: Maharashtra Metro Rail Corporation terminates contract for Nagpur project

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New Delhi | Published: December 15, 2018 9:29:45 PM

IL&FS said bank guarantees provided by it to the tune of around Rs 93 crore would be enchased by Maharashtra Metro Rail Corporation Limited.

ILFS crisis: IL&FS said Maharashtra Metro Rail Corporation has terminated a contract with the company.

IL&FS Engineering and Construction Company Saturday said Maharashtra Metro Rail Corporation has terminated a contract with the company for construction of various stations falling under Nagpur Metro Rail Project. The company has received a letter from Maharashtra Metro Rail Corporation Limited informing it of the decision of the competent authority to terminate the contract for construction of seven elevated and three other metro stations of Nagpur Metro Rail Project, IL&FS Engineering and Construction Company said in a regulatory filing.

The company said the contract was terminated due to “alleged slow progress”.

Commenting on financial impact, IL&FS said bank guarantees provided by it to the tune of around Rs 93 crore would be enchased by Maharashtra Metro Rail Corporation Limited.

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