BGR Energy Systems Ltd. has received a Letter of Award or LoA from National Thermal Power Corporation Ltd., or NTPC, for supply of 2 x 660 MW super-critical boilers to be set up at Solapur in the state of Maharashtra. The order is valued at Euro 109.79 Million plus Rupee component of Rs.1,121 crore (Approx. Rs.1,855 crore).
The execution period of the contract is 48 months. The contract provides for price variation and foreign exchange variation risk is fully protected, it said.
In may be recalled that on February 29, the company has emerged as the lowest bidder in the NTPC bulk tender for supply of 11 x 600 MW super-critical boilers. These projects are located at various places, namely, Solapur, Mouda (in Maharashtra), Meja (Uttar Pradesh), Nabinagar (Bihar), and Raghunathpur (West Bengal). As per tender conditions, NTPC is to award six units of super-critical boilers to the L-1 bidder, BGR Energy. The LoA for other two sites, namely Meja and Raghunathpur are expected in the next two or three weeks.
BGR Energy has entered into JV collaboration with Hitachi Power Europe, Germany, for transfer of technology and equity participation. A JV company by name 'BGR Boilers Pvt. Ltd.' with 70 percent equity participation by BGR Energy and 30 percent by Hitachi was formed. The JV company already signed technical collaboration for transfer of technology for 660 MW, 700 MW, 800 MW and 1000 W super-critical boilers and is in the process of setting up manufacturing facility.
The company will be executing this contract in collaboration with Hitachi Power Europe, Germany and BGR Boilers.
Commenting on the LoA, Chairman and Managing Director B.G. Raghupathy said, "This order is a breakthrough of great significance to the company as we enter super-critical power equipment space with first contract from NTPC, the largest utility in India and reputed for stringent technical and quality standards."
At the BSE, BGR Energy Systems closed Monday's trading at Rs.363.60, up 2.26 percent from the previous close.
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