A carryover contract with a value of $246US million has been canceled by India's BGR Energy Systems. The contract was awarded in 2013 and was awarded to build a 500-megawatt gas turbine plant. The mounting political instability in Iraq meant the company was not able to properly execute the project.
Iraq’s Ministry of Electricity provided a letter of credit for 50 percent of the contract value in favour of the company and the latter issued a performance bond.
BGR Energy Systems Limited is listed at the Bombay Stock Exchange and National Stock Exchange. The Company was originally incorporated in 1985, as a joint venture between GEA Energietechnik GmbH, Germany and B. G. Raghupathy (pictured).