Power Grid Corporation Ltd (PGCIL) has emerged as the lowest bidder for Vemagiri II power transmission project of around Rs.6,300 crore in a tariff-based auction. For Vemagiri II project, PGCIL has bid very aggressively and quoted Rs.359 crore annual tariff per annum followed by Sterlite Grid (Rs.429.05 crore), Essel (Rs.459 crore) and Adani (Rs.585 crore).
REC Transmission Projects (RECTPL) has conducted the auction of two projects. Wholly-owned subsidiary of state-run Rural Electrification Corporation, RECTPL had earlier postponed the opening of financial bids for the two projects on October 16.