Jharkhand discom terminates IL&FS contracts
Jharkhand's discom JBVNL Tuesday terminated contracts awarded to troubled IL&FS group for electrification work in different cities, including Dhanbad integrated Power Development Scheme.
IL&FS Engineering Services, in filings to BSE, said that the contracts were terminated on January 18.
"IL&FS Engineering and Construction Company Limited has received a termination letter dated January 18, 2019 from Jharkhand Bijli Vitran Nigam Limited (JBVNL) informing the Company of the decision of the competent authority to terminate the contract for IPDS Dhanbad Package," the filing said.
The contract pertained to supply of materials & equipment for Urban electrification works of Dhanbad, covering two towns under Integrated Power Development Scheme (IPDS).
Similarly, the contract for supply of materials & equipment for urban electrification works of Dumka - Sahibganj package, covering seven towns under IDPS was also terminated.
Another contract for supply of materials & equipment for urban electrification works of Dhanbad package, covering eight towns was also terminated.
JBVNL has a registered consumer base of around 3.2 million and a peak load of around 2,150 MW (FY 17-18). The company is involved in distribution of electricity to different categories of consumers.
IL&FS Engineering Services is part of the crisis-hit IL&FS group, which has defaulted on debt repayments due to financial mismanagement. The total debt of the group was pegged at Rs 94,215.6 crore as of October 8. The government in October superseded the board of IL&FS and appointed new members to rescue the group.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.