ManagementSterlite Energy bags 1st ultra mega power transmission project
Vedanta Group company Sterlite Energy is believed to have bagged the country"s first ultra mega power transmission project, breaking the decades old monopoly of state-run PowerGrid Corporation.
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"Sterlite Energy has emerged as the lowest bidder for the country"s first ultra mega transmission project to be developed by the private sector," sources in the know said.
As many as eight firms, including Anil Ambani Group company Reliance Power Transmission Ltd (RPTL) and Essar Power, had participated in the bidding process for three ultra mega transmission projects (UMTP) worth Rs 5,650 crore.
Sterlite Energy is the lowest bidder for one project — PFC"s East-North Interconnection. For the two others, the lowest bidders are yet to be announced.
Power Finance Corporation (PFC) and Rural Electrification Corporation (REC) had started the process of awarding the three transmission projects - Talcher Augmentation Transmission System (Talcher-II), North Karanpura Transmission System and East-North Interconnection System - in 2008.
While 13 companies responded to the request for qualification stage for Talcher and North Karanpura Transmission, 16 firms evinced interest in East-North Interconnection.
REC"s wholly-owned subsidiary, REC Transmission Projects, invited bids for the first two projects. PFC"s East-North Interconnection Company invited bids for development of the third transmission system.