Madrid, Spain: Kerala could well become the first entry point for Spain’s biggest business conglomerate Isolux Corsan, with its power subsidiary Isolux Ingenieria, has emerged as the lowest bidder for a €55 million (Rs319 crore) grid strengthening project for the Powergrid Corporation of India Ltd (PGCIL).
Isolux Ingenieria is the lowest bidder for a 220km power transmission line for PGCIL. The project funded by the Asian Development Bank (ADB) is expected to be awarded to the Spanish company after the report on tendering is discussed by the boards of ADB and PGCIL.
Director-general, Commercial International, Isolux Corsán Álvaro Rengifo said, “We are awaiting the letter from PGCIL. The project would start once PGCIL sends its report to ADB. We see this as a big opportunity for Spain, and our company, to understand the Indian energy market at the ground level. We have emerged as the lowest bidder and are hopeful of getting the letter soon.”
The 400 kilovolt direct current Quad tower package associated with grid strengthening, Rengifo said, was won after competitive bidding in November 2005.
“The matter is under evaluation, and would be taken up by the two boards—that of ADB and PGCIL. We cannot comment on anything else since the matter is confide-ntial and sensitive,” a PGCIL official said.
Rengifo said, “Our efforts in the Indian market have translated in the success of our bids in various tender procedures. Our commitment to India is of a strategic nature in the medium-and long-term.” The group is evaluating participation in national highway projects and real estate, too.
He added that commercial activity in the international market is one of the group’s priority strategies.
The group’s international presence currently covers more than 26 countries, including three major subsidiaries (Brazil, Morocco and Mexico) which employ more than 1,000 people.