Odisha Power Transmission Corporation Limited (OPTCL) has entered into a landmark financial partnership with the National Bank for Agriculture and Rural Development (NABARD) to strengthen the state’s power infrastructure. This marks the first-ever project financing by NABARD to any state PSU in Odisha.

₹1,685 Crore Loan for Power Infrastructure

Under the Long-Term Loan Agreement, NABARD has sanctioned a loan of ₹1,685.27 crore to OPTCL at a competitive interest rate of 7.75% per annum. Of this, ₹900 crore will fund new transmission projects, while the remaining funds will be used to swap existing high-cost loans, enhancing the financial efficiency of the PSU.

Landmark Step for Odisha’s Power Sector

This strategic initiative is expected to ensure a reliable and quality power supply for both upcoming industries and consumers across the state. With this financing, OPTCL aims to accelerate the development of critical transmission infrastructure, supporting Odisha’s growing industrial and economic landscape.

Key Officials at the Signing Ceremony

The MoU signing was graced by Hon’ble Deputy Chief Minister, Agriculture & Farmers’ Empowerment, Energy Shri Kanak Vardhan Singh Deo, and Shri Bhaskar Jyoti Sarma, CMD, OPTCL, who highlighted the collaborative efforts between the organizations.

The agreement was formally exchanged between Shri S. K. Sahoo, Director (Finance), OPTCL, and Shri V. K. Nag, General Manager, Odisha Regional Office, NABARD. Other functional directors and senior officials of both OPTCL and NABARD were also present.

Boosting Industrial Growth and Power Reliability

This partnership is poised to fast-track critical transmission projects, ensuring uninterrupted power supply to industries and residential consumers alike. Experts believe that this collaboration will significantly contribute to Odisha’s economic growth and industrial development in the coming years.

The post MoU Signed Between OPTCL & NABARD for Strategic Financial Partnership appeared first on Odisha Connect.

BHUBANESWAR: Gross irregularities and nepotism have been found in an OPTCL project for expediting industrialisation in the Paradip Zone, alleged the Odisha Power Transmission Corporation Limited (OPTCL) Contractors Association on Friday.

In a Press release, the association said the irregularities were found in a recent tender floated by the OPTCL for an important and urgent project  for construction of 2×500 MVA, 400/220 KV GIS Sub-Station at Ersama.

According to the association, the project has to be completed by 2023 to provide power supply to the upcoming industries like Triveni, JSW and petrochemicals in the Paradip industrial area to overcome the present power scarcity.

“Bidding and tender guidelines have been blatantly violated to favour the BHEL that has resulted in a loss of Rs 10 crore”, alleged OPTCL Contractors Association president Amiya Kanta Das, urging the authority to investigate the matter implementing the 5T policy.

The association alleged that during March 2021, OPTCL had floated a tender for construction of 2×500 MVA, 400/220 KV GIS Sub-Station at Ersama and 400 KV Bay Extension work at New Duburi  and two lines to 220 KV Grid S/S at Pratapsasan and New Duburi with a common qualifying Criteria vide e-tender notice no. CPC-36/2020-21 having three packages of total estimated cost of R.600 crore [in which State Government has 40% funding]. Out of which two packages have already been awarded to L1 bidders.

Regarding the 3rd package of above tender related to 400 KV GIS Substation at Ersama, eight bidders participated in this package. Out of which, two bidders the BHEL and. TBEA was disqualified for being techno commercially non-responsive.

“In spite of getting the legal view in favour of cancellation of the BHEL’s bid and getting lowest price of Rs 200.63 crore as L1 bid, the Board had cancelled the said complete evaluated tender and asked for re-tender showing the reason that the OPTCL may get lesser price from the earlier finalised RA value of Rs 200.63 crore,” said Das.

On the basis of the above decision of the Board, Package-3 has been re-tendered by the OPTCL during January’2022 with revised estimated value of Rs 200.31 crore without changing the earlier floated tender condition. In this tender the earlier disqualified bidder BHEL has been techno commercially qualified and became L1 bidder with quoted value of Rs.210.45 crore, the association alleged.

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