Modi govt to bid out Rs 4,697 crore power projects in first reverse e-auction

Modi govt to bid out Rs 4,697 crore power projects in first reverse e-auction

In a major change aimed at infusing transparency in the infrastructure sector, the Modi government will conduct its first-ever bidding of power transmission projects through reverse auction on an electronic platform and award six mega contracts worth Rs 4,697 crore through the novel initiative.

“The projects would be bid out in the next few months through the reverse e-auction route. The process will evaluate tariff-based competitive bids submitted by companies for the first time,” a senior official close to the development told ETEnergyWorld. He added power projects financing firms Power Finance Corporation (PFC) and Rural Electrification Corporation (REC) would act as the nodal agencies for implementing the electronic tenders. Read More…

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