The Jaypee Group, which won a contract to build a 1,320-MW power plant at Karchana in Uttar Pradesh for R7,000 crore in February 2009, is now unwilling to execute the project, a state government official told FE. The company has unofficially conveyed its unwillingness and is looking at ways to recover its investment, the official added. The company, he said, has blamed difficulties in land acquisition, though uncertainty over the outcome of state elections “probably has a lot to do with the decision”. Jaypee is perceived to be close to the ruling Bahujan Samaj Party in UP, which goes to polls in a fortnight.
Source: Financial Express
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