Sanctions hit Raytheon deal

CHENNAI, June 21: The M A Chidambaram Group today announced it was dropping its plans to appoint US company Raytheon Corp for some crucial contracts at its upcoming power generation project in Tamil Nadu due to hurdles caused by the economic sanctions. 8220;We will have to look elsewhere. This may affect our project to some extent,8221; A C Muthiah, Vice Chairman and President of SPIC, told reporters here today.

The project, planned as a 500 mw facility at Tuticorin, had tied up with the company for the overall contract.