New Delhi: Global engineering and product development company Tata Technologies on Saturday said that it has cancelled a project worth Rs 1,188.36 crore to develop 36 government ITIs (industrial training institutes) in Chhattisgarh.

In a regulatory filing with the stock exchange, the company said it received a letter from the Chhattisgarh government, “informing the company about closure of the Project and termination of the MoA (memorandum of agreement) as they are exploring alternate options to meet the Project objectives”.

Tata Technologies further said that it “has today sent a letter to the Chhattisgarh government accepting the termination of the MoA and agreed to initiate steps for refund of the escrow amount.”

The MoA was signed on July 22, 2023. The company was the lead industry partner for executing the project under the MoA, which “primarily entailed upgrading 36 ITIs as Centre of Excellence (CoE), in the state of Chhattisgarh”.

Shares of Tata Technologies closed 1.01 per cent lower at Rs 989.45 per share on Friday.

The IT major posted a 15.4 per cent decline in consolidated profit after tax (PAT) at Rs 162.03 crore in the April-June quarter. Consolidated revenue from operations stood at Rs 1,268.97 crore compared to Rs 1,257.53 crore in the year-ago period.