New Projects (Greenfield / Brownfield / Revamp) are required to furnish the Bank Guarantee (B G) after securing financial closure for the project but well before finalization of LSTK / EPCA Contractor. PSUs are exempted for furnishing the B G. To ensure seriousness / credibility of project proponents under NIP 2012 will be required to furnish bank guarantee ( B G ) of Rs. 300 Crores for each project. Rs.100 Crores will be released after finalisation of LSTK / EPCA contracts and release of advance to the account of contractor. Next B G of Rs.100 Crores will be released on completion of requirements ordering and supply to the site or mid point of project cycle which ever is earlier. Balance Rs.100 Crores will be released on completion of Project. PSUs are exempted to furnish B G.
Bank Guarantee for Setting up of Urea Projects under amendment to NIP 2012
- Post author:FertiliserIndia.com
- Post published:1 April 2021
- Post category:NPS / NIP / NUP