Sasan project may go to Reliance Energy in case Globeleq exits
07 February 2007
New Delhi: Anil Ambani-controlled Reliance Energy (REL), which lost the Sasan ultra mega power project to Lanco by a thin margin of 10 paise per unit, may get the project if Globeleq exits the consortium.
A Power Finance Corporation official said if Globeleq which holds a 70 per cent stake in the project dilutes its stake to below 51 per cent, then the Sasan UMPP will go to the second lowest bidder, Reliance Energy Ltd.
He said the bid document clearly says any request for change in membership of the consortium would be considered only upon the bidding consortium making a written application to the authorised representative seeking its approval for such change at least 45 days prior to the last date of submission of RFP bids.
The last date for the submission of the letter of acceptance is February 28. The Lanco-Globeleq consortium had in December 2006 won the Rs20,000 crore 4,000 MW project to be set up in Madhya Pradesh.