Summary:
The Local Self Government Department has asked the Kochi Corporation to terminate the Concession Agreement executed with GJ Eco Power Pvt Ltd, the company entrusted with the task of installing the plant. Four years into the agreement, the government decided on such a harsh measure citing the company’s failure to take any fruitful step to achieve financial closure, as mandated in the Concession Agreement. The time limit so allowed to GJ Eco Power Pvt Ltd to achieve the financial closure expired on 01/03/2020. But the Concessionaire has not demonstrated the financial closure till date,” Sarada said in the order. Giby George, chairman and managing director of GJ Eco Power Pvt Ltd, said in a statement that the Concession Agreement has not been cancelled yet..