Amidst reports of Globeleq pulling out of Sasan, the British power investment firm said on Wednesday that the ultra mega power project does not feature in the company's restructuring programme.
Globeleq has said the company is not selling assets, which are at a developmental stage. "Currently Globeleq's operating power businesses are for sale. Our various development projects in Africa, America and Asia are not included in that sale process," the company said.
Globeleq along with its Indian partner Lanco Ingfratech had recently won the 4000 MW Sasan ultra mega power project quoting a tariff rate of Rs 1.196 per unit.
The Centre in January awarded the Letter of Intent to the consortium and the last date for the submission of the letter of acceptance is February 28. The UK-headquartered company owns 70 per cent equity in the company, while Lanco Infratech the remaining 30 per cent.
The reports of Globeleq possibly exiting from the Sasan project were fuelled after the company decided to pull out of emerging markets as part of its restructuring programme. The company said it had appointed Lehman Brothers investment bank to carry out the transactions. Lanco Infratech officials also went on record to say they were willing to buy out Globeleq from the Sasan project.
However, officials in Power Finance Corporation, the government-appointed nodal agency for developing ultra mega power projects, said that currently, Lanco had no option but to execute the project jointly with a technically sound partner.
This is because, Lanco, on its own, was not technically qualified to execute the project, which is why it had roped in Globeleq as the lead developer to execute the Sasan power project.
"The terms and conditions for the project are applicable only if they (Lanco and Globeleq) are together," a PFC official said.
On its part, PFC maintained it had not heard anything officially from either Lanco or Globeleq.
The consortium of Globeleq and Lanco had quoted the lowest tariff of Rs 1.196 a unit for developing the Sasan power project in Madhya Pradesh. The equity stakes of Globeleq-Lanco combine are in the ratio of 70:30 respectively.
As the lead promoter, Globeleq has to invest Rs 2,240 crore, while Lanco's share stands at Rs 960 crore. Globeleq's exit from the Sasan project would have led to Anil Ambani's Reliance Energy standing a chance to bag the project. REL had lost the Sasan ultra mega power project to Lanco by a thin margin of 10 paise per unit and was the second lowest bidder.
Globeleq has said the company is not selling assets, which are at a developmental stage. "Currently Globeleq's operating power businesses are for sale. Our various development projects in Africa, America and Asia are not included in that sale process," the company said.
Globeleq along with its Indian partner Lanco Ingfratech had recently won the 4000 MW Sasan ultra mega power project quoting a tariff rate of Rs 1.196 per unit.
The Centre in January awarded the Letter of Intent to the consortium and the last date for the submission of the letter of acceptance is February 28. The UK-headquartered company owns 70 per cent equity in the company, while Lanco Infratech the remaining 30 per cent.
The reports of Globeleq possibly exiting from the Sasan project were fuelled after the company decided to pull out of emerging markets as part of its restructuring programme. The company said it had appointed Lehman Brothers investment bank to carry out the transactions. Lanco Infratech officials also went on record to say they were willing to buy out Globeleq from the Sasan project.
However, officials in Power Finance Corporation, the government-appointed nodal agency for developing ultra mega power projects, said that currently, Lanco had no option but to execute the project jointly with a technically sound partner.
This is because, Lanco, on its own, was not technically qualified to execute the project, which is why it had roped in Globeleq as the lead developer to execute the Sasan power project.
"The terms and conditions for the project are applicable only if they (Lanco and Globeleq) are together," a PFC official said.
On its part, PFC maintained it had not heard anything officially from either Lanco or Globeleq.
The consortium of Globeleq and Lanco had quoted the lowest tariff of Rs 1.196 a unit for developing the Sasan power project in Madhya Pradesh. The equity stakes of Globeleq-Lanco combine are in the ratio of 70:30 respectively.
As the lead promoter, Globeleq has to invest Rs 2,240 crore, while Lanco's share stands at Rs 960 crore. Globeleq's exit from the Sasan project would have led to Anil Ambani's Reliance Energy standing a chance to bag the project. REL had lost the Sasan ultra mega power project to Lanco by a thin margin of 10 paise per unit and was the second lowest bidder.
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