Reliance Power, yet again sprang a surprise with its aggressive bid that won the 4,000 mw Tilaiya ultra mega power project (UMPP), the third such project in its kitty after Sasan (Madhya Pradesh) and Krishnapatnam (Andhra Pradesh). Reliance Power bagged the project by putting in the lowest bid at Rs 1.77 per unit, 0.53 paise lower than National Thermal Power Corp (NTPC), its nearest competitor in the bidding race.
Other bidders for the Tilaiya power project included Lanco Infratech, Jindal Power and Sterlite Energy. While NTPC quoted Rs 2.30 per unit, Jindal Power and Sterlite Energy quoted Rs 2.69 per unit and Rs 2.90 per unit respectively. Lanco Power, the Hyderabad-based infrastructure company, withdrew from the bidding process due to tight funding conditions overseas.
Reliance Power has quoted an extra 57 paise per unit for Tilaiya over its bid for Sasan, the first UMPP to be auctioned. Although Sasan and Tilaiya are of the same size, 4,000 mw each, and based on captive coal blocks, the Tilaiya bid comes amidst tight liquidity conditions in slowing global economy. The Tilaiya project will get its coal from a captive mine that will also be developed by the power project bidder. The coal mine is estimated to have reserves of 972 million tonnes. According to sources, coal reserves in the block are 86% more than the power plant’s requirement, which is expected to help the project.
The project will require an investment of Rs 18,000 crore with a debt-equity ratio of 70:30. The letter of intent to Reliance Energy will be awarded in the next few days and the company will be given 60 days to comply with the provisions.
crackcrack
| Company Name | CMP |
|---|---|
| NTPC | 333.30 |
| Tata Power | 401.25 |
| Power Grid Corp | 315.75 |
| Adani Power | 498.45 |
| Torrent Power | 1476.80 |
| View more.. | |
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