Thu. Apr 18th, 2024

Tata PowerTata Power said it has discharged all legal obligations in connection with Mundra Ultra Mega Power Project (UMPP).

“This (Mundra UMPP) project was bid for in 2006 when the concept of a formal Risk Management Committee was not introduced and all proposals were deliberated and approved by the board,” the company said.

The company further said that the Mundra project was approved by the board after considering all business aspects including associated risk.

It added that in 2010 there was sudden change in Indonesian regulations which mandated that coal be sold by mines at prices to be decided by Government of Indonesia on monthly basis.

“This adversely impacted Mundra as well as other bid-out imported coal based projects, ” the company added.