The Hindu Business Line : `Lanco-Jindal combine best placed to execute Sasan project'

New Delhi March 30 Despite uncertainties looming large over the fate of the Sasan Ultra-Mega Power project, Lanco Infratech says the company, in partnership with Jindal Steel and Power, is best placed to execute the proposed 4,000 MW pithead coal-based project among all the bidders in the fray.

A senior Lanco official said that the consortium's combined power development experience, besides Jindal's mining expertise, would enable it to deliver power at its benchmark tariff quote of Rs 1.19 per unit.

Lanco had bagged the bid to build the Rs 16,000-crore project in partnership with Globeleq Singapore Pte Ltd — a company that was subsequently bought over by Jindal Steel and Power and Lanco Infratech's holding company Prince Stone Investments.

Incidentally, Jindal Steel and Power was one of the eight short-listed bidders in the race for the Sasan project and had qualified on both technical and financial parameters.

The Lanco-Jindal combine, according to the official, is also gearing up with counter moves to forestall ouster from the project, including legal options.

The Lanco Group, which had earlier bagged the first power project to be awarded to the private sector on a competitive bidding basis (Anpara C project in Uttar Pradesh), has sought the legal opinion from three former Chief Justices of the Supreme Court on the validity of the Sasan bid in light of the change in consortium structure after Globeleq's exit from the project.

The Government officials involved in the exercise said a final decision on the future course of action on the Sasan project is expected to be taken by the evaluation committee headed by Mr Deepak Parekh.

The Sasan Power board, which met earlier this week, had extended the terms of reference of the evaluation committee to empower it to decide on the future course of action on the Sasan power project.