Reliance Power says it gets court stay on Andhra project

Mar 21, 2012 |

Reuters

New Delhi

Tags:

Reliance power

Reliance Power on Wednesday said it has obtained an order from the Delhi High Court restraining any 'coercive steps' against its 4,000 MW-power project in Andhra Pradesh.

The Economic Times newspaper had earlier reported that four state governments had slapped a fine of Rs 4 billion on the company's unit for delays in setting up the power project and had threatened to encash bank guarantees as well as terminate the power purchase agreements.

The project, which depends on imported coal from Indonesia, has been delayed after the south-east Asian nation changed rules to benchmark the export price to the international market, thereby pushing up fuel costs for the proposed plant, which was expected to sell power to states at a fixed price.

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