Maytas Infra has lost a township project contracted to it by Vedanta Aluminium after it failed to execute the project on time. Maytas Infra was to construct a township colony at Rs 232.69 crore in Jharsuguda for Vedanta Aluminiums smelter project following a contract in March 2008. The township was supposed to have been completed in 18 months. Vedanta spokesman Shashabka Patnaik said the contract was terminated as only 10 per cent of the work had been completed during the last 10 months. Maytas started work in May 2008. Since the past one and a half months they were not doing any work. We are convinced they are not in a position to pump in money. Vedanta felt that Maytas could not finish the work on time and,taking the delay factor into consideration,we decided to terminate the deal, Patnaik said. After the termination of the agreement,Vedanta would very soon make a full and final settlement of payment with Maytas Infra,which is to receive an estimated Rs 5 crore from the aluminium major.
Written by Debabrata Mohanty | Bhubaneswar | Published: January 20, 2009 1:01:47 am