Sasan Power to issue LoI to Reliance Power tomorrow

New Delhi, July 31 (UNI) Sasan Power Ltd will issue the letter of intent (LoI) for the Sasan Ultra Mega Power Project to Reliance Power tomorrow.

Putting an end to the nearly nine-month-long uncertainty, the Empowered Group of Ministers (EGoM) yesterday decided to award the controversial 4,000 MW Sasan Ultra Mega Power Project to Anil Ambani-led Reliance Power Ltd (RPL) after the group matched the tariff bid of original winner Lanco Infratech.

The EGoM had asked Sasan Power Ltd, the special purpose vehicle set up to execute the project, to seek fresh bids from the other bidders than Lanco and refer the matter back.

The revised bid of Reliance Power of Rs 1.19616 per kWh was the lowest of the three bids.

Reliance Power, a subsidiary of Reliance Energy, had originally emerged the second-lowest bidder for the Rs 20,000 crore project after Lanco-Globeleq consortium in December 2006.

UNI