Tamil Nadu canceled the tender for smart meter project, Adani had bid at the lowest rate.

Adani Group News Update: There is dangerous information for Gautam Adani’s Adani Energy Solutions. The DMK authorities of Tamil Nadu has canceled the Global Tender for putting in smart meters in the state. Adani Energy Solutions had bid the lowest value in the tender issued for this mission. Tamil Nadu Generation and Distribution Corporation has determined to cancel this tender.

This is the cause for canceling the tender!

According to the report of Indium Express, Tamil Nadu Generation and Distribution Corporation canceled the tender saying that Adani Energy Solutions has quoted a really excessive value. Adani Energy Solutions was amongst the lowest bidders in a package deal out of 4 overlaying 4 districts together with Chennai, Kancheepuram and Chengalpattu. Officials of Tamil Nadu Generation and Distribution Corporation (Tangedco) mentioned that the value quoted by Adani Energy Solutions for successful the tender of the mission just isn’t at all acceptable to the state authorities. However, a number of rounds of negotiations have already taken place with the firm to cut back prices.

Tender shall be issued afresh

It has been informed in the report that on this proposed package deal, there’s a proposal to put in 8.2 million smart meters by way of the fund of Rs 19000 crore supplied by the Center below the Revamped Distribution Sector Scheme. Under this mission, there’s a plan to put in smart meters for all electrical energy connections besides agriculture. Sources in Tamil Nadu Generation and Distribution Corporation mentioned that each one 4 tenders issued in August 2023 have been canceled, together with three packages that cowl different districts. The authorities will quickly concern a recent tender. Earlier, the Stalin authorities was being accused of benefiting the Adani Group, for which the opposition was attacking the authorities.

Slight rise in shares of Adani Energy Solutions

However, regardless of the damaging information of cancellation of the tender for Adani Energy Solutions, at the moment in the commerce on January 1, 2025, the firm’s inventory is buying and selling at Rs 809.05 with a slight rise of 0.33 %.

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