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NCC fears it may lose Rs 6,100-crores projects in AP
NCC Limited on Friday said it may lose Rs 6,100 crore worth of works awarded by the Andhra Pradesh government if the YS Jagan Mohan Reddy-led new government decided to cancel all the works awarded before April 1, 2019.
Hyderabad: NCC Limited on Friday said it may lose Rs 6,100 crore worth of works awarded by the Andhra Pradesh government if the YS Jagan Mohan Reddy-led new government decided to cancel all the works awarded before April 1, 2019.
"We understand that the new government is considering cancelling work orders issued prior to April 1 but not grounded (work not commenced).
If this were to happen, work orders approximately worth Rs 6,100 crore issued to our company are likely to be cancelled," NCC Ltd informed bourses. The company further said it did not receive any communication from the government on the issue.
The firm had earlier said that for FY20, it had an order book of Rs 41,197 crore.
In the event of the orders totalling Rs 6100 crore were cancelled by the new government, the order book would be approximately Rs 35,097 crore, NCC Ltd said.
Hours after Jagan Mohan Reddy took over the reins of Andhra Pradesh, its Chief Secretary L V Subrahmanyam wrote a letter to all the departments stating that works sanctioned prior to April 1, 2019 but not grounded (work not commenced) are cancelled.
