The Lanco Group objected to all the allegations levelled by the CSE and said “…as the allegations were not cross-checked with the company and were wrongly perceived.”
In a statement, Lanco said, the Group has equity participation in few of the companies that have won the National Solar Mission projects in 2010. “The equity participation of Lanco is within the permissible level allowed and is in line with the RFP documents. These facts were also reported in Lanco Infratech Ltd Annual Report. There is no illegality involved as reported by CSE,” the company added.
Besides, this information has already been submitted to NVVN officially, Lanco said, adding that the bidders that Lanco supported were able to bid at one of the lowest tariffs as the company provided them the latest technology and complete EPC solutions for the projects.
As the power purchase agreement for these projects are for a period of 25 years, Lanco's equity participation in these projects also brings confidence to the bidder to use our technology and EPC solutions in arriving at such a competitive tariff, the company argued.