According to sources, the contract was terminated due to poor performance of the contractor, Punj Lloyd.
Punj Lloyd did not immediately revert to e-mail seeking comments.
The private firm had won the contract from NTPC for civil work of a 750 MW thermal power project in Bongaigaon district of Assam in 2011.
Punj Lloyd's scope of work in the contract entailed underground and over ground civil, architectural and structural work for the main plant etc and construction of the administration building and auditorium.
The group is engaged in engineering, procurement and construction services in energy and infrastructure sector.
Yesterday, the public sector firm 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 India was appointed mine developer and operator for NTPC's Pakri-Barwadih captive coal block in Jharkhand on November 30, 2010, after a global tender.
The company wanted to start mining coal to reduce dependence on the market for the fuel. NTPC generates over 43,000 MW power from all sources of energy.
Shares of NTPC were trading at Rs 122.80, up 1.24 per cent on the BSE.