Business Daily from THE HINDU group of publications
Saturday, Feb 21, 2009
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Business Daily from THE HINDU group of publications Saturday, Feb 21, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Industry & Economy
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Infrastructure States - Andhra Pradesh AP cancels Rs 1,065-cr project awarded to NCC Our Bureau Hyderabad, Feb. 20 The Andhra Pradesh Government has cancelled a Rs 1,065-crore contract for development of multi utility Andhra Pradesh international centre in New Delhi, awarded to the consortium, headed by Nagarjuna Construction Company. A Government order cancelling the letter of award issued to NCC Infrastructure Holdings consortium was issued on Friday by the Andhra Pradesh Government. NCC was chosen a successful bidder for the construction of international centre in New Delhi on a build, operate and transfer (BOT) mode through a public, private partnership model. The contract was awarded through Infrastructure Corporation of Andhra Pradesh (InCAP), which envisaged development of land at AP Bhavan in New Delhi. The Government had awarded the letter of award on October 6, 2008 and the company accepted it on October 21, 2008. The NCC consortium was given 60 days to execute the development agreement. However, the company was given additional time but did not come forward to sign up for the project. Failure of NCC Consortium to comply with the terms and conditions of letter of award and default in execution of development agreement within 75 days of the specified period, including extension of 15 days and also default of submission of performance security of Rs 100 crore, has forced the Government to cancel the project awarded to NCC. More Stories on : Infrastructure | Andhra Pradesh
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