The crisis-hit IL&FS Group has pulled out of Phase-I of the Ahmedabad Metro project. IL&FS Engineering, which is one of the subsidiaries of the company, had won a contract worth an estimated Rs 370-crore contract to construct viaduct on the second priority stretch on the North-South corridor which was expected to be commissioned by April 2019, reports The New Indian Express.
IL&FS was awarded the Letter of Acceptance (LoA) for the construction of the 4.62 kilometre- long elevated stretch from Gyaspur depot’s interface point to the Shreyas metro station on the 17.23-km North-South corridor of the Ahmedabad Metro making it the first construction contract awarded for the corridor.
IL&FS Group is running out of cash and owes Rs 53,000 crore to other banks. Them pulling out from an Rs 370-crore project signifies a more profound financial crisis than expected in the conglomerate that primarily funds infrastructure projects in the country. Read More
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