Deals1 Apr 2025, 11:14 pm
RITES Ltd Terminates Major Order from UPSBCL Due to Interpretation Issues
AI Summary
RITES Ltd has terminated a major order from U.P. State Bridge Corporation Limited (UPSBCL) due to interpretation issues of certain provisions of the agreement. The order was for consultancy services for construction supervision of civil works for various infrastructure projects in several districts of Uttar Pradesh. The agreement was foreclosed as it was difficult to continue with the existing terms. No impact is expected as the execution of the work had not commenced.
Key Highlights
- RITES Ltd terminates a major order from UPSBCL
- Interpretation issues led to the termination
- Order was for consultancy services for various infrastructure projects
- Agreement foreclosed as continuation under existing terms was difficult
- No impact expected as work execution had not commenced