Sasan ultra mega project traded to third party, Congress MP

New Delhi, Mar 14 (UNI) The Sasan Ultra Mega Power Project, in Madhya Pradesh, has been ''traded'' by Globeleq its lead developer alleged Congress MP Gurudas Kamat in a letter to Power Minister Sushil Kumar Shinde.

''Since this is an important project creating benchmarks for future bidding, I am sure that any trading of the project by the lead developer would not be permitted and would automatically lead to disqualification of the bid,'' Mr Kamat said.

Mr Kamat said Globeleq, the lead developer in the Globeleq-Lanco cosortium that was awarded the Sasan project has sold its stake and walked out of the project. The Globeleq Singapore, the company that was to invest equity in Sasan project has been taken over by a constortium of Lanco and Jindal Steel and Power.

Also, M/S Globeleq Singapore is a shell company and it is a matter of grave concern that it would now not have any connections with any of the Globeleq's worldwide power plants, which was the principaly basis of qualification of the consortium.

''This raises a fundamental issue that the Sasan UMPP has been traded by Globeleq to a third party--the consortium of Lanco and Jindal Steel and Power'' Mr Kamat said.

Globeleq Singapore being a shell company how was it qualified in the first place with such stringent pre-qualification recquirement ? Has it taken recourse to its parent comapany (Globeleq) for pre-qualification and if so now with Globeleq selling its stake, would it not violate bid conditions ? asked Mr Kamat.

Also, Jindal Streel having already submitted bid on its own, is now joining another consortium at this stage. Are such changes permissible and can Jindal be part of two bids ? Would the consortium have qualified, if right from the beginning it was projected that Lanco would be majority partner (with 72 per cent holding) and Jindal the minority partner. Does it financially at that point of time meet the recquirement, Mr Kamat asked in the letter to the Power Minister.

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