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PFC transfers Sasan plant to Reliance Power

PFC transfers Sasan plant to Reliance Power
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First Published: Tue, Aug 07 2007. 05 32 PM IST
Updated: Tue, Aug 07 2007. 05 32 PM IST
PTI
New Delhi: The controversial Sasan ultra mega power plant is finally ready to take off with state-run Power Finance Corporation on 7 August transferring the 4,000MW project to Anil Ambani group firm Reliance Power Ltd.
The Sasan project in Madhya Pradesh was the first in a series of nine such 4,000MW power plants proposed to be set up in the country during the 11th and 12th plan periods.
However, it has been delayed by nearly seven months as the Lanco-Globeleq consortium, which initially won the bid in December last year, was disqualified for violation of norms. The project was later awarded to Reliance Power, a subsidiary of Reliance Energy Ltd, after it matched the lowest tariff bid of Rs 1.19 per unit.
Another such project at Mundra in Gujarat has already been transfered to Tata Power Company. With the transfer of Sasan Power Ltd, a special purpose vehicle set up by PFC, Reliance Power can now start the process for developing the Rs20,000 crore project.
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First Published: Tue, Aug 07 2007. 05 32 PM IST