Insta
Troubles Mount For Beleaguered IL&FS: MahaMetro Terminates Nagpur Metro Project Over Alleged ‘Slow Progress’
Swarajya Staff
Dec 16, 2018, 08:29 PM | Updated 08:29 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
IL&FS Engineering and Construction Company on Saturday (15 December) revealed that the Maharashtra Metro Rail Corporation Limited (MahaMetro) has terminated its contract with the company for the construction of multiple metro stations under the Nagpur Metro Rail Project, reports Press Trust of India.
In a regulatory filing IL&FS Engineering and Construction Company claimed it had received a letter from MahaMetro informing it of the decision to terminate the contract for the construction of three other metro station along with seven elevated platforms under the Nagpur Metro Rail Project.
The company later added that the contract was terminated due to the "alleged slow progress".
IL&FS also said that the bank guarantees worth an estimated Rs 93 crore provided by it would be encashed by the Maharashtra Metro Rail Corporation Limited.
Earlier, the company had landed into trouble with the Bengaluru metro project. It was reported that Bangalore Metro Rail Corporation (BMRCL) wrote to the company seeking its response to eight queries before taking a final call on awarding the 19 km Outer Ring Road (ORR) project. The company had earlier emerged the highest bidder for the same.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.