GE agrees to long-term deal with RGPPL

General Electric (GE) has agreed to sign a long-term comprehensive agreement with Ratnagiri Gas and Power Pvt Ltd (RGPPL) without any advance payment. This move is likely to provide interim relief for the financially-starved gas based power project in Maharashtra. The deal is expected to be signed on 7 July 2009.

Earlier, US based GE had earlier asked for an advance payment of Rs 150 crore for rehabilitating crucial machines and equipment at the power plant.

GE will sign a 16-year contract with RGPPL worth around $135 million (approx Rs 655 crore) that includes rehabilitation ($75 million) and supply of spare parts ($60 million).


Source : ProjectsToday

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