Adani Power bids lowest for 3 transmission projects, Sterlite Grid may get 1

Adani Power has emerged the lowest bidder for three power transmission projects - Chhattisgarh A, Chhattisgarh B and Sipat - while Sterlite Grid's bid was the lowest for the Maheshwaram project.

Srelit Grid is a part of Anil Agarwal's Sterlite Group.

Adani Power quoted the lowest price of Rs132.4 crore for Chhattisgarh A power transmission project, followed by Sterlite Grid at Rs144 crore. Only two companies - Sterlite Grid and Adani Power - out of eight qualified bidders submitted financial bids for the project.

Other qualified bidders including Power Grid Corporation of India Ltd (PGCIL), Larsen & Toubro (L&T), Essel, Jindal Power (JPL), Isolux and Kalpataru Power Transmission (KPTL) opted out of the bidding.

For Chhattisgarh B project, Adani Power quoted Rs178 crore, followed by Sterlite Grid (Rs210 crore), PGCIL (Rs228 crore), KPTL (Rs230 crore) and Essel (Rs270 crore).

As many as eight bidders had qualified for the project for which L&T, JPL and Isolux did not submit financial bids.

Adani Power also quoted the lowest for the Sipat transmission project at Rs79 crore, followed by Sterlite Grid (Rs92 crore), KPTL (Rs97 crore), PGCIL (Rs106 crore) and Jindal Power (Rs140 crore).

The Sipat project received financial bids from five of the six technically qualified bidders, of which Isolux opted out.

For the Maheshwaram project, Sterlite Grid has emerged the lowest bidder quoting the lowest price of Rs55 crore, followed by PGCIL (Rs66 crore) and KPTL (Rs86 crore).

As many as six bidders, including Essel, CLP and a consortium of Tata & Tata Realty, had qualified for the technical bids for the project.

Bids for the Maheshwaram project were handled by REC Transmission Projects Company (RECTPC), a wholly-owned subsidiary of Rural Electrification Corporation. RECTPC has been entrusted with the responsibility of selection of a developer for inter-state transmission projects.

The bids for Chhattisgarh A, Chhattisgarh B and Sipat projects were handled by the Power Finance Corporation.

These four tenders are part of the government's plan to auction transmission projects worth Rs1,00,000 crore through competitive bidding during the current fiscal.

On Thursday, Adani Power was trading at Rs29.00, up 0.95 points or 3.39 per cent from its previous closing of Rs 28.05 on the BSE.

The scrip opened at Rs29.05 and has touched a high and low of Rs29.40 and Rs28.50 respectively.