Tata and Adani will go head-to-head for a third time in the hard-fought contest for South East UP Power Transmission Organization after lenders called for another round of bids since the previous two rounds were inconclusive.
Tata Power had outbid Adani offering 100% improvement of loans of ₹3,700 crore to the lenders in the previous round. Adani's bid was only marginally lower at the time. Tata's bid was set aside because it was counterfactual. Tata and Adani had first submitted bids in August and then on October 30. The final round of bids is now due at the end of January.
Tata has requested lenders to consider a Swiss Challenge on grounds that it was the advanced bidder in the former round and should get a chance to match the best bid. However, that request has been
turned down.
Although Vedanta group company Sterlite Power, Power Grid Corporation of India and REC PDCL were among other companies that also take part in the previous bidding round, they are likely to stay away this time, according to sources.
Tata and Adani will go head-to-head for a third time in the hard-fought contest for South East UP Power Transmission Organization after lenders called for another round of bids since the previous two rounds were inconclusive.
Tata Power had outbid Adani offering 100% improvement of loans of ₹3,700 crore to the lenders in the previous round. Adani's bid was only marginally lower at the time. Tata's bid was set aside because it was counterfactual. Tata and Adani had first submitted bids in August and then on October 30. The final round of bids is now due at the end of January.
Tata has requested lenders to consider a Swiss Challenge on grounds that it was the advanced bidder in the former round and should get a chance to match the best bid. However, that request has been turned down.
Both companies have informed lenders that they will bid again.
Although Vedanta group company Sterlite Power, Power Grid Corporation of India and REC PDCL were among other companies that also take part in the previous bidding round, they are likely to stay away this time, according to sources.