State -run Solar Energy Corporation bans Reliance Power and its subsidiary from bidding in its tenders
After the examination of the documents submitted by the bidder which happens to be a Reliance Power subsidiary under the RfS issued by the SECI, it was found that the endorsement of Bank Guarantee against EMD, as submitted by the bidder, was fake, so as a result the SECI was contrained to debar the company from its tendering process for three years.
Solar Energy Corporation (SECI), a Navratna state-run entity, has banned Anil Ambani led Reliance Power and its other subsidiary Reliance NU BESS from taking part in its tenders for a period of three years.
Based on the documents submitted by Reliance NU BESS Ltd., earlier known as Maharashtra Energy Generation Ltd., it was found that the endorsement of the bank guarantee against the earnest money deposit was fake, SECI said.
The debarrment is hence largely on the back of fake bank guarantee submitted by the company during the last bidding round.
Importantly, the announcement to this effect came on the sidelines of the issuance of the RfS issued by the company for setting up 1000 MG/200 MW/hz Standalone BESS Projects under Tariff based competitive bidding.
Since the above discrepancy was discovered subsequent to the e-Reverse Auction, SECI was constrained to annul the tendering process.
The subsidiary of Reliance Power had "met the financial qualification requirements using the strength of its parent company."
At the last count, shares of the Anil Ambani led company traded with gains of over 3 per cent at Rs 44.91 per share on the BSE.
Solar Energy Corporation of India is the leading CPSU dedicated to the development and expansion of Renewable Energy (RE) capacity in India. The organization has been facilitating market development and creating an ecosystem for RE by conceiving/prototyping/modeling/policy advocacy with innovative project configurations, such as Solar-Wind hybrid with/without energy storage, Round The Clock (RTC) power supply, RE with assured peak power supply, Firm and Dispatch able RE (FDRE) etc.
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