Scomi’s contract for Mumbai monorail terminated

Scomi’s contract for Mumbai monorail terminated
Bernama
-December 17, 2018 10:08 PM
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KUALA LUMPUR: Scomi Engineering Bhd and Larsen & Toubro Ltd’s contract for the design, development, construction, operation and maintenance of a monorail system in the Mumbai Metropolitan Region has been terminated.

In a statement with Bursa Malaysia today, Scomi said the letter of termination was dated Dec 14, 2018, and would take effect 15 days from the date.

“The company is discussing with its consortium partner with a view to fully enforce the consortium’s rights under the contract in respect of the notice of termination, including taking all necessary legal proceedings on the advice of its solicitors,” it said.

Scomi also said the financial impact of the termination for the financial year ended March 31, 2019, would depend on the outcome of the legal proceedings.

“The company will continue to provide updates from time to time on any further material development on this matter,” it added.