BGR Energy’s contract with Jharkhand Urja Sanchar Nigam terminated

21 Aug 2024 , 01:08 PM

On Tuesday (20 August), BGR Energy Systems Ltd notified the termination of its contract with Jharkhand Urja Sancharan Nigam Ltd (JUSNL) for the supply, installation, testing, and commissioning of 132/33 kV Gas Insulated Substations (GIS) in Sarath, Sundernagar, and Chattarpur.

BGR Energy Systems said in a regulatory filing that it has received notice of contract termination from Jharkhand Urja Sancharan Nigam Ltd (JUSNL Project) for the supply, installation, testing, and commissioning of 132/33 kV GIS at Sundernagar, Sarath, and Chattarpur.

The contract, which was part of Package 04A, was originally signed on September 9, 2020. The termination was communicated via a letter from JUSNL dated August 14, 2024, which BGR Energy received on August 20, 2024.

The claimed cause for the termination was a delay in finishing the agreed-upon scope of work. Despite the contract’s termination, BGR Energy has stated that it expects no major impact on its financials, operations, or other activities.

At around 10.40 AM, BGR Energy was trading 1.66% lower at ₹45.50, against the previous close of 46.27 on NSE. The counter touched an intraday high and low of ₹48.50, and ₹45, respectively.

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