NTPC scraps Thiess Minecs Rs 23,000-crore mine development deal

NEW DELHI: Power producer NTPCBSE 2.49 % has cancelled a Rs 23,000 crore contract with Thiess Minecs India due to delays in development and operation of the Pakri-Barwadih coal block."Thiess Minecs failed to make any headway despite the fact that development period of the contract was extended twice," state-owned NTPC said today in a statement.The contract, valued at an estimated Rs 23,000 crore, was for a period of 27 years, the statement said, adding that the development period was 360 days ending November 25, 2011, with the remainder for operations.