Procurers need to pay Rs 1,050 cr to Sasan power project, rules SC
Mumbai, July 4 (IANS) The Supreme Court declined to put on hold the Appellate Tribunal for Electricity’s order of March 31, asking the procurers from Sasan power project to pay up unpaid dues and penalty of around Rs 1,050 crore, the company said in a statement on Monday.
This was during a hearing of the case on June 29.
“The tribunal’s order pertains to commercial operation date of the first unit of Sasan uptra mega power project. Procurers are required to continue making payments towards commercial operation dated dues as directed by Central Electricity Regulatory Commission,” the company said.
“The tribunal order had paved the way for Sasan Power Limited to recover the unpaid amount of nearly Rs 850 Crore from the procurers and late payment surcharge of nearly Rs 200 crore, as per the power purchase agreement,” the company said.
The Sasan project in Singrauli District of Madhya Pradesh is one of the largest integrated power plant-cum-coal-mining project at a single location, involving investment of over Rs 27,000 Crore.
The company is a part of the Reliance Group, that claims the largest portfolio of power projects in the private sector in the country, based on coal, gas, hydro and renewable energy, with an operating capacity of 5,945 MW.