Conglomerate And Mining Companies Cut Down Cost Of Power Projects

NEW DELHI - Nov. 29, 2018 - PRLog -- Piyoosh Goyal backed Worlds Window Group (WWG) has emerged as a surprise contender and has contributed to lowering the cost of power projects by way of competition. On the subject, Piyoosh Goyal said, "Worlds Window Group has been a steady company in the infrastructure, logistics and in the trading space. While people think we are surprise contenders for this power project, we are actually one of the largest importers in Northern India. We have won the 2^nd largest importer title for two years in a row. I am happy that we have surprised our competitors by making it to the bid. We have invested in the bank guarantee and have fulfilled all criteria"

The top lender of Jaypee power plants, State Bank of India had scheduled a meeting, primarily focusing on the deals prior to their deadline.

Prominent conglomerate and mining companies Resurgent power ventures, Adani, JSW and Vedanta brought down the cost of power projects despite lenders focusing on close deals. A major share of Resurgent Power, possessed by Tata Power, had entered the bid of approximately four thousand six hundred crore on behalf of beleaguered Jaiprakash Power Ventures Ltd. JPVL have currently three major power plants along with coal mine in their arsenal. The first power plant is 1329 MW Nigrie while the second one is 500MW Bina and finally the third is the 400 MW Vishnuprayag hydro plant.

Edelweiss ARC and JSW Energy had previously submitted the bids, the sources said. Both JSW and Resurgent had submitted a bid estimated six thousand crore on behalf of Jaypee's Group 1980 MW Prayagraj Power Generation. An equity infusion of 15% has been provided to Resurgent.

Adani Power had emerged as one of the top bidders on behalf of KSK Mahanadi. The estimated deal was about Rs. 10,250 crore as opposed to Rs. 19,000 crore.

Apart from the big guns like Adani power, Worlds Window Group (WWG) backed by Piyoosh Goyal has emerged as one of the leading contenders in the bidding. They have invested approximately 10% as bank guarantee. The sources stated

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