COMPANIES IN NEWSPOWER

Tata Power, Adani told to submit revised bids for UP Transco

Tata Power and Adani Group have been told to submit revised bids for South East UP Power Transmission Company by the power transmission company’s lenders, people aware of the matter said.

Tata Power and Adani had submitted binding offers for the company in the second week of August alongside three other bidders – Power Grid Corporation of India, Sterlite and REC Power Development and Consultancy.

However, both of their offers were conditional on lenders securing reversal of a suspension order on a 1,600-km project the company is carrying out, imposed by the state power transmission authority for delays in completion.Lenders are not agreeable to this condition, the sources said.

The suspension order only applies to a part of the project, they said. REC Power may also revise its offer, they said.

Tata Power and Adani declined to comment.REC Power did not respond to ET’s queries as of press time Sunday.

Source
ET Energy World
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