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No go for PFC-Sasan power contract

No go for PFC-Sasan power contract
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First Published: Tue, Feb 27 2007. 06 21 PM IST
Updated: Tue, Feb 27 2007. 06 21 PM IST
PTI
NEW DELHI: State-run Power Finance Corporation (PFC) deferred signing the final contract for Sasan ultra mega power project on 27 February citing legal issues arising out of the change in promoters.
“We are not moving ahead with the signing of the contract,” a PFC official said.
PFC, the nodal agency for the 4,000 MW projects, was awaiting a reply from law ministry on its final view on the status of the project after it receives the information from Globeleq Singapore and Lanco Infratech, the official said.
The move follows the recent developments relating to the change in ownership of Globeleq Singapore, the lead partner of the Globeleq-Lanco consortium that won the bid for the plant.
The consortium had won the Sasan project quoting an annualised tariff of Rs1.196 per unit.
Globeleq, UK, has sold its entire 70% stake in the Sasan project to Lanco Infratech and Jindal Steel and Power Ltd.
When contacted, Lanco chairman L Madhusudan Rao said,“I am not sure why the signing of the final contract was not carried on 27 February. We have submitted all documents required.”
In the winning bid of Lanco and Globeleq Singapore, the latter was the lead developer of the project. Globeleq Singapore had the backing of Globeleq, UK and was qualified as the lead developer on the technical strengths of its parent company.
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First Published: Tue, Feb 27 2007. 06 21 PM IST
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