Jaiprakash Associates has received Letter of Intent (LoI) dated February 20, 2009 from Sangam Power Generation Company, a subsidiary of UP Power Corporation for setting up of 2 x 660 MW Super Critical Technology – Karchhana Thermal Power Project at Allahabad, with approved coal linkage.
In a further development, subsequent to the sale of assets of Malvika Steels in favour of the company and the litigation thereafter, upon the joint application of the parties for inter-se bidding, the Delhi High Court has accepted the bid of Steel Authority of India, which was higher than the company’s bid in the latest round of bidding.
Accordingly, the High Court has directed immediate refund of bid price of Rs 207 crore and the poundage charges deposited by the company.