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The Solar Energy Corporation of India (SECI) has issued a show-cause notice to Reliance Power Ltd. for allegedly submitting a fake bank guarantee in a recent tender bid. The bid, submitted by Reliance NU BESS, a subsidiary of Reliance Power, was for the establishment of a 1,000 MW/2,000 MWh energy storage system. SECI’s investigation revealed that the bank guarantee, purportedly issued by FirstRand Bank’s Manila branch, was fraudulent, as no such branch
The Solar Energy Corporation of India (SECI) has issued a show-cause notice to Reliance Power Ltd. for allegedly submitting a fake bank guarantee in a recent tender bid. The bid, submitted by Reliance NU BESS, a subsidiary of Reliance Power, was for the establishment of a 1,000 MW/2,000 MWh energy storage system. SECI’s investigation revealed that the bank guarantee, purportedly issued by FirstRand Bank’s Manila branch, was fraudulent, as no such branch
Solar Energy Corporation of India Ltd. (SECI) has debarred Reliance Power Ltd. and its subsidiary Reliance NU BESS Ltd. (formerly Maharashtra Energy Generation Ltd.) from bidding in any future SECI tenders for the next three years. This decision comes after SECI discovered that the company had submitted fake bank guarantees during the bidding process for a 1 gigawatt solar power and 2 gigawatt battery energy storage system project.
The Incident: Fake Bank Guarantees in SECI Tender
Solar Energy Corporation of India Ltd. (SECI) has debarred Reliance Power Ltd. and its subsidiary Reliance NU BESS Ltd. (formerly Maharashtra Energy Generation Ltd.) from bidding in any future SECI tenders for the next three years. This decision comes after SECI discovered that the company had submitted fake bank guarantees during the bidding process for a 1 gigawatt solar power and 2 gigawatt battery energy storage system project.
The Incident: Fake Bank Guarantees in SECI Tender
