Ending months of uncertainty surrounding the Sasan ultra mega power project (UMPP), the project company Sasan Power Ltd was finally handed over to Reliance Power Ltd, Reliance Energy’s shell company for the venture.

With this, the 4,000 mw venture in Madhya Pradesh has been officially taken over by the Anil Ambani group’s Reliance Energy.

Last week, Power Finance Corporation (PFC) awarded the letter of intent (LoI) for execution of the project to Reliance Power, after the earlier consortia of Globeleq-Lanco was disqualified from the bid and Reliance agreed to match Globeleq-Lanco’s levelised power tariff of Rs 1.19/ unit.

Last December, the Globeleq-Lanco consortia had also been awarded the LoI after they quoted the lowest tariff of Rs 1.19/ unit during the price bidding. Later, the consortia was disqualified on account of misrepresentation of information and failure to provide the required documents that were to be shown as per the initial bidding conditions.

Receiving the transfer documents from PFC, Reliance Energy chairman Anil Ambani said, "This is a big challenge of creating the biggest UMPP of over 4,000 mw involving an investment of more than Rs 20,000 crore.”