The bank guarantee of ₹49.53 crore was issued by HDFC Bank Ltd in favour of NTPC on behalf of G R Infraprojects. The three insurance performance surety bonds, issued by Bajaj General Insurance Ltd, comprise ₹34.52 crore, ₹4.09 crore and ₹2.73 crore.
The company received the communications on September 17 in relation to three contracts. GR Infraprojects said it had issued a notice of termination on September 15, 2026, in respect of the contracts.
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The company said the financial impact, if any, will be limited to the amounts encashed or paid pursuant to the invocation. It is examining the matter and evaluating the appropriate course of action under the contract agreements and applicable law, including the remedies available to it.
GR Infraprojects said there is currently no material impact on its business operations or other activities arising from the invocation.
Yesterday, GR Infraprojects Ltd said that it had issued a notice of termination to NTPC Ltd with immediate effect in respect of contracts for the EPC package for Battery Energy Storage System (BESS) implementation at NTPC Thermal Power Stations (Lot-1), Mouda Super Thermal Power Station.
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The company had earlier intimated the execution of the EPC agreement with NTPC on April 23, 2026. GR Infraprojects said it issued the termination notice in view of the continuing force majeure and war risk circumstances, along with contractual issues arising from the provisions of the agreements.
Following the termination, the company has invoked the applicable dispute resolution mechanism and reserved its rights and remedies under the contract agreements. The financial impact of the termination is presently being assessed, the company said.
Shares of GR Infraprojects Ltd ended at ₹830.50, up by ₹10.85, or 1.32%, on the BSE.
