REC Transmission Project Company Ltd today said it has handed over Maheshwaram Transmission Limited, a special purpose vehicle company, to Sterlite Grid 3 Ltd.
Sterlite Grid had emerged as the lowest bidder for Maheshwaram power transmission project earlier in July this year.
"REC Transmission Projects Company Ltd (RECTPC) has handed over project specific Special Purpose Vehicles (SPV) namely Maheshwaram Transmission Limited to Sterlite Grid 3 Limited who had emerged as the successful bidder," RECTPC said in a statement.
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RECTPC is a wholly-owned subsidiary of Rural Electrification Corporation Ltd.
According to the statement, competing with the public and private sector majors, Sterlite Grid 3 Ltd quoted the lowest levellised tariff of Rs 552.51 million per annum for "Connectivity Lines for Maheshwaram (Hyderabad) 765/ 400 kV Pooling S/s".
The transmission project involves establishment of Maheshwaram (PG) - Mehboob Nagar 400kV D/C line, Nizamabad - Yeddumailaram (Shankarpalli) 400kV D/C line, 2 No. Of 400kV line bays at Mehboob Nagar S/s of TSTRANSCO and 2 No. Of 400kV line bays at Yeddumailaram (Shankarpalli) S/s of TSTRANSCO.
It said that the selection (of developer) was carried out based on the standard bidding documents and guidelines notified by Power Ministry for selection of transmission developers on Build, Own, Operate & Maintain (BOOM) basis through tariff-based competitive bidding route.
Power Grid Corporation (PGCIL), KPTL and Sterlite Grid had submitted financial bids for Maheshwaram transmission project on July 3.
As many as six bidders, including Essel, CLP and a consortium of Tata and Tata Realty had qualified the technical bids for the project.
CLP did not buy the 'Request for Proposal' (financial bid) document from the RECTPC and remaining five bidders had decided to submit the bids.
However, later only three bidders turned up with their financial bids for the project.
The Maheshwaram project is 258 km 400kV double circuit transmission project. It is a part of the government's plan to auction transmission projects worth over Rs 1 lakh crore via competitive bidding process during this fiscal.
