Reliance Power share price will likely be on investors’ radar on Wednesday, December 4, after the Solar Energy Corporation of India (Seci) has withdrawn its order barring the company from renewable energy tenders.
Reliance Power share price closed 1.03 per cent higher at ₹39.12 on BSE in the previous session on Tuesday, December 3.
As Mint reported, the Seci withdrew its order barring Reliance Power from renewable energy tenders a week after the Delhi High Court ordered a stay on the company’s debarment, except for its subsidiary Reliance NU BESS.
The ban was imposed last month in response to the submission of allegedly fake documents by the Anil Ambani companies in a tender released by Seci in June, which sought bids for a 1,000 MW/2,000 MWh standalone battery energy storage systems (BESS) project. Following this, the tender process was cancelled.
In September, Reliance Power successfully secured a tender from Seci for the BESS project through an e-reverse auction, marking its entry into the renewable energy and storage sector. An e-reverse auction is an online auction in which suppliers compete to win a buyer’s business by submitting bids that gradually decrease in price.
More to come…
