Adani Power won three out of four transmission projects worth nearly R3,600 crore on Wednesday, trumping closest competition Sterlite Grid. The traditionally aggressive state-run transmission company PowerGrid (PGC) failed to secure any project. The projects bagged by Adani Power include Chattisgarh A, B and Sipat projects.
The bid coordinator for these projects Power Finance Corporation (PFC) opened the financial bids on Wednesday that revealed Adani Power had put in bids that were lower by as much as 15% compared with the second lowest bidder.
Although PGC has won nearly 40% of all projects awarded under tariff-based competitive bidding since 2011 and has traditionally been known to undercut competition by quoting lower bids, the company failed to secure even second position in the auction. Last week, the smallest of the four projects in the current phase of auctions, Maheshwaram, was awarded to Sterlite Grid.
Experts believe the bidding pattern seen for this batch of projects could be a sign of things to come in next 12 month as Rs 1 lakh crore worth of projects are expected to be awarded under competitive bidding route.