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Thiruvananthapuram, June 27 The Hyderabad-based Lanco Infratech Ltd has revoked its offer for the development of the Vizhinjam International Container Transhipment Terminal “due to long delays”.

Mr V. Srinivas, Director, Corporate Affairs, Lanco Infratech, said in a statement on Saturday that the bid for the Vizhinjam project commenced in August 2007 and Lanco consortium submitted its bid in January 2008. The consortium was approved as the successful bidder by the Kerala Government in May 2008.

He said that according to the Request for Proposal (RFP), the validity of the bid was eight months from the bid date. Expressing interest in the project, Lanco had extended the bid twice by almost six months. Under bidding norms, the bidder was not obliged to extend the bid validity beyond eight months.

Subsequently, “the protracted litigations and an atmosphere vitiated by baseless speculations has altered our due diligence perspective on the project,” the statement said. In the event, Lanco informed the State that since the validity of its proposal in response to the RFP expired on April 30, 2009, its offer stood revoked.

The statement clarified, “concerning ill-informed speculations in certain quarters,” that Lanco was one of the leading infrastructure groups in the country with a team of over 5,200 people. It recorded a consolidated turnover of over Rs. 6,128 crore for the year ended March 31, 2009.

The company is executing power projects worth Rs 18,000 crore across the country and is also implementing build-operate-transfer (BOT) road projects worth Rs 1,500 crore. These are apart from projects in airport, railways and port sectors.

Besides, Lanco’s construction divisions alone have executed projects worth Rs 7,500 crore over the last three years and have an order book of Rs 10,300 crore. Lanco was operating in 22 States, the statement added.

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