The IVRCL India Limited, which had won the contract for constructing the Myagdi based project in 2010, has stopped the construction works, saying that the company cannot continue with the project as per the past agreement that sanctioned a budget of around 3 billion rupees. [break]
The company has demanded an increase of 50 per cent in the total project cost. According to Kashinath Dahal, an administrative officer of the project, the decision to revise the previous agreement and seek an increment in the budget will be made by the senior authority.
The company claims that the rates of materials required in the construction and labor costs, among others, have gone up significantly. The project which is due to be completed by 2014 is unlikely to meet the deadline under the circumstances.
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