STOCKWATCH

Reliance Power Ltd. and Subsidiary Debarred from SECI Tenders for Three Years

Reliance Power Ltd. and its subsidiary, Reliance NU BESS Limited, have been debarred from participating in all future tenders issued by Solar Energy Corporation of India Limited (SECI) for a period of three years from November 06, 2024. The reason for the debarment is the submission of an alleged fake endorsement of a bank guarantee against EMD by Reliance NU BESS Limited. The SECI discovered this discrepancy during the examination of documents submitted by the subsidiary for setting up a 1000 MW/2000 MWh Standalone BESS Projects under Tariff based competitive bidding. The SECI annulled the tendering process as a result. The parent company, Reliance Power Ltd., was also debarred as the commercial and strategic decisions of the subsidiary were fundamentally driven by the parent company.

• Reliance Power Ltd. and Reliance NU BESS Limited debarred from SECI tenders for three years.
• Discrepancy discovered in the endorsement of a bank guarantee against EMD by Reliance NU BESS Limited.
• SECI annulled the tendering process due to the discrepancy.
• Reliance Power Ltd. debarred due to the subsidiary's commercial and strategic decisions being driven by the parent company.
• Debarment effective from November 06, 2024.