Reliance Power receives Krishnapatnam LoI

New Delhi, Nov 29 (UNI) Anil Ambani's Reliance Power today recieved the letter of intent (LoI) for the 4,000 MW Krishnapatnam ultra mega power project in Andhra Pradesh after it emerged as the lowest bidder with a winning bid of Rs 2.33 per unit.

Coastal Andhra Power, the special purpose vehicle formed by nodal agency for UMPP Power Finance Corporation, awarded the LoI to Reliance Power.

The company outbid Larsen&Toubro and Sterlite Industries, which quoted Rs 2.68 and Rs 4.81 a kWh tariff respectively.

This is the third UMPP awarded after the Sasan and Mundra UMPPs.

Reliance Power has already bagged the contract for the UMPP in Sasan, Madhya Pradesh, while Tata Power will execute the other project in Mundra, Gujarat.

The Krishnapatnam project is to be operated on imported coal and would require an investment of more than Rs 16,000 crore.

Andhra Pradesh will receive 1,600 MW, while the stakes of Maharashtra, Tamil Nadu and Karnataka will be 800 MW each from the project.

UNI