AGENDA FOR THE MEETING OF COMMITTEE OF DIRECTORS COMPRISING

ALL FUNCTIONAL DIRECTORS INCLUDING CMD

AGENDA ITEM NO. : ............................

SUB. : AWARD RECOMMENDATIONS FOR RURAL ELECTRIFICATION

WORKS OF KEONJHAR DISTRICT IN ODISHA STATE UNDER RAJIV
GANDHI GRAMEEN VIDHYUTIKARAN YOJNA (RGGVY) OF 12 th PLAN
PROJECTS ON BEHALF OF STATE UTILITY (NESCO).

(For Approval)

RESOLVED THAT

The proposal to award the Contract for Rural Electrification works of Keonjhar
district in Odisha State under Rajiv Gandhi Grameen Vidyutikaran Yojna (RGGVY)
of 12th Plan projects on behalf of State Utility (NESCO) to M/s Godrej & Boyce
Mfg. Co. Ltd., Mumbai for the entire Scope of work as per the Bidding Document
No. NTPC/REC/CS-KR-661 at a Contract price of ` 235,90,06,035/- (` Two
Hundred Thirty Five Crore Ninety Lac Six Thousand Thirty Five),
including Taxes & Duties, which is subject to Price Adjustment, be and is hereby
approved.

BACKGROUND NOTE

1.0 INTRODUCTION

The Bids for subject Package were invited online vide NIT dated 26.02.2016 on
Domestic Competitive Bidding (DCB) basis adopting Single Stage Two Envelope
tendering process.

2.0 SCOPE OF WORK

Site survey, planning, design, engineering, assembly manufacturing, testing, supply,

loading, transportation, unloading, insurance, delivery at site, handling, storage,
installation, testing, commissioning and documentation of all items/material required
to complete the Rural Electrification works in the subject district which inter-alia
include construction / Augmentation of 33/11 kV Substation, 11 kV & LT line,
 Installation of distribution transformer and providing service connection to BPL
consumer spread all over the district.

2.0 COST ESTIMATE

The Cost Estimate for the subject package approved is ` 206.88 Cr. (inclusive of all
taxes & duties).

3.0 PRICE BID OPENING

As per the approval of Techno-commercial Evaluation Report (Part-I), by competent

authority vide note sheet ref no.: NTPC/REC/CS-KR-661 dated 26.04.2016, price
bid (Part-II) of the following bidders whose Techno-Commercial offer received
against Open Tender found to be qualified, were opened online at M/s. ITIs e-
tender web portal www.tenderwizard.com/DDUGJY on 02.05.2016.

Sl. No. Name of bidders

1. M/s NCC Ltd, Hyderabad [NCC]
2. M/s Bajaj Electricals Ltd, Mumbai [BAJAJ]
3. M/s Vijai Electricals Ltd, Hyderabad [VIJAI]
4. M/s Godrej & Boyce Mfg. Co. Ltd., Mumbai [GODREJ]
5. M/s Sri Gopi Krishna Infrastructure Pvt Ltd, Hyderabad [GOPIKRISHNA]
6. M/s Vishwanath Projects Ltd, Hyderabad [VISHWANATH]
The price bid (Part-II) was opened in the presence of tender committee
members and the representative of those bidders who choose to attend bid
opening. As approved in the Evaluation Report Part-I of the subject package, Price
Bid of M/s United Global Corporation Limited, Bangalore JV with Servomax
India Private Limited, Hyderabad has not been opened with intimation to them.

4.0 QUOTED PRICES:

The total quoted prices is inclusive of Octroi & Entry tax (however Nil in case of
Odisha) on supply items and Service tax on Erection in Indian Rupees as per
Schedule-5 (Summary) of Price Schedule, and are summarized below:

Total Quoted Price in

Sl. Total Quoted Price
Name of party Discount INR after considering
No In INR (`)
Discount (`)
1. NCC 2,560,520,933.17 Nil 2,560,520,933.17
2. BAJAJ 2,381,081,448.16 Nil 2,381,081,448.16
3. VIJAI 2,731,235,677.62 Nil 2,731,235,677.62
4. GODREJ 2,359,006,035.65 Nil 2,359,006,035.65
Supply : 6%,
5. GOPIKRISHNA 2,904,115,800.06 F&I : 100% 2,354,133,225.64
Erection: 75%
6. VISHWANATH 2,399,703,378.47 Nil 2,399,703,378.47
5.0 EVALUATION OF PRICE BID (Part-II):

5.1 Completeness of Bids:

All the bids are generally found to be complete with respect to the scope of supply
and services as called for in the bidding documents.

5.2 Bid Prices:

Provision as per clause no 11.0, ITB, Vol-I, have been taken into consideration
while evaluating the bid.

Further, as per Appendix-2, Sample forms and procedures, Volume-I, Section-VI of

bid document, prices adjustment shall be applicable in case of ACSR Conductor,
Cable, Power/Station/Distribution Transformer, G.I. Structural Steel material (except
H beam, Rail Pole, Steel tubular pole), PSC Poles and Erection (except some items
as mentioned at para 1.0.7 of Appendix-2 of Sample forms and Procedures). All the
bidder have quoted accordingly.

5.3 Bid Validity:

In line with the provisions of Clause 14.0, Section-II, ITB of Vol.-I, the bids submitted
by all the bidders are valid for six (6) months from the date of bid opening i.e. up to
27.09.2016.

5.4 Price Preference

No price preference is applicable in this case as per bidding documents condition.

5.5 As per clause no 25 and 27 of ITB, Vol-I, Section-II the following provision shall
apply;

Quote

25.0 Opening of Price Schedules (ON-LINE) by Employer

25.1 Price Part of only those Bidders shall be opened on-line who are determined as
having submitted substantially responsive bids and are ascertained to be qualified
to satisfactorily perform the Contract, pursuant to ITB Clause 23 and 24. Such
Bidders shall be intimated about the date and time for opening of Price Part by the
Employer. A negative determination of the bids pursuant to ITB Clause 23 and 24,
shall be notified by the Employer to such Bidders and the price bid uploaded by
them shall not be opened.
25.2 The Employer will on-line open Price Bid at the specified time and date in the
presence of bidders designated representatives who choose to attend, at the time,
date, and location stipulated in the intimation for opening of price bid. The bidders
representatives who are present shall sign a register evidencing their attendance.
25.3 The participating bidders will be able to view the bidders names, the Bid Prices or
any discounts, of all the bidders after online opening of price bid. The bid prices
would not be construed to determine the relative ranking amongst the Bidders, or the
 successful Bidder, and would not confer any right or claim whatsoever on any Bidder.
The successful Bidder (also referred to as the L1 Bidder) shall be determined as per
the provisions of this SectionII and considered for award of contract as provided in
ITB Clause 30.
25.4 The Employer shall prepare minutes of the bid opening, including the information
disclosed to those present in accordance with ITB Sub-Clause 25.3.
25.5 Bids not opened and read out at bid opening shall not be considered further for
evaluation, irrespective of the circumstances.

27. Evaluation of Price Bids

27.1 The Employer will examine the Price Bids to determine whether they are complete,
whether any computational errors have been made and whether the bids are
generally in order. The Price Bids containing any deviations and omissions from the
contractual and commercial conditions and the Technical Specifications are liable to
be rejected.
27.2 Arithmetical errors will be rectified on the following basis. If there is a discrepancy
between the unit price and the total price, which is obtained by multiplying the unit
price and quantity specified by the Employer, or between subtotals and the total
price, the unit or subtotal price shall prevail, and the quantity and the total price shall
be corrected. However, in case of items quoted without indicating any quantity or the
items for which the quantities are to be estimated by the Bidder, the total price
quoted against such items shall prevail. If there is a discrepancy between words and
figures, the amount in words will prevail.
The prices of all such item(s) against which the Bidder has not quoted rates/amount
(viz., items left blank or against which - is indicated) in the Price Schedules will be
deemed to have been included in other item(s).
Bidders are allowed to quote discount(s)/rebate(s) in percentage (%) only against
individual schedule. In case nothing is indicated against discount then it shall be
considered as No discount. Further, Conditional discounts/rebates, if any, offered
by the bidder shall not be taken into consideration for evaluation. It shall, however,
be considered in case of award.
In respect of taxes, duties and other levies indicated by the Bidder in the Bid, which
are reimbursable in line with the provisions of the Bidding Documents, the applicable
rate and amount thereof shall be ascertained by the Employer based on which, if
required, necessary rectification and arithmetical correction shall be carried out by
the Employer. The rate and amount so ascertained by the Employer shall prevail.
The subtotal, total price or the total bid price to be identified in Bid Form for this
purpose, irrespective of the discrepancy between the amount for the same indicated
in words or figures shall be rectified in line with the procedure explained above. If
the Bidder does not accept the correction of errors as per this clause, its bid will be
rejected and the amount of Bid Security forfeited.

The Bidder should ensure that the prices furnished in various price schedules are
consistent with each other. In case of any inconsistency in the prices furnished in the
specified price schedules to be identified in Bid Form for this purpose, the Employer
shall be entitled to consider the highest price for the purpose of evaluation and for
 the purpose of award of the Contract use the lowest of the prices in these
schedules.

27.3 The comparison shall be on the total price in Price Schedule No. 5 Grand Summary
(Total of Schedule Nos. 1 to 4). The comparison shall also include the applicable
taxes, duties and other levies, which are reimbursable in line with the provisions of
the Bidding Documents. The Employer's comparison will also include the costs
resulting from application of the evaluation procedures described in ITB Sub-Clause
27.4 & 27.5.

27.4 The Employers evaluation of a bid will take into account, in addition to the bid prices
indicated in Price Schedule Nos. 1 through 4 (online price schedules), the following
costs and factors that will be added to each Bidders bid price in the evaluation using
pricing information available to the Employer, in the manner and to the extent
indicated in ITB Sub-Clause 27.5 and in the Technical Specifications:

(a) Deleted
(b) the functional guarantees of the facilities offered; Bidders shall state the
functional guarantees (e.g., performance, efficiency, consumption) of the
proposed facilities in response to the Technical Specifications. Plant and
equipment offered shall have a minimum (or a maximum, as the case may be)
level of functional guarantees specified in the Technical Specifications to be
considered responsive. Bids offering plant and equipment with functional
guarantees less (or more) than the minimum (or maximum) specified shall be
rejected.
(c) the performance of the equipment offered; Bidder shall state the guaranteed
performance or efficiency of the Equipments, named in the BPS, in response to
the Technical Specifications. Equipment offered shall have a minimum (or a
maximum, as the case may be) level of guarantees specified in the Technical
Specifications to be considered responsive. Bids offering plant and equipment
with guarantees less (or more) than the minimum (or maximum) specified shall
be rejected.
(d) the extra cost of work, services, facilities, etc., required to be provided by the
Employer or third parties;
(e) any other relevant factors listed in BPS.

The estimated effect of the price adjustment provisions of the Conditions of

Contract, applied over the period of execution of the contract, shall not be taken into
account in bid evaluation.
27.5 Pursuant to ITB Sub-Clause 27.4, the following evaluation methods will be followed:
(a) Deleted
(b) Functional Guarantees of the facilities
For the purposes of evaluation, the adjustment specified in the Technical
Specifications will be added to the bid price for each drop (or excess) in the
responsive functional guarantees offered by the Bidder, below (or above) either a
norm of one hundred (100) or the value committed in the responsive bid with the
 most performing functional guarantees, as specified in the Technical
Specifications.

(c) Performance Guarantees of the Equipments

For the purposes of evaluation, the adjustment specified in the BDS will be
added to the bid price.

(d) Work, services, facilities, etc., to be provided by the Employer

Where bids include the undertaking of work or the provision of services or

facilities by the Employer in excess of the provisions allowed for in the Bidding
Documents, the Employer shall assess the costs of such additional work,
services and/or facilities during the duration of the contract. Such costs shall be
added to the bid price for evaluation.

27.6 Any adjustments in price that result from the above procedures shall be added,
for purposes of comparative evaluation only, to arrive at an Evaluated Bid Price.
Bid prices quoted by bidders and rectified as per ITB Sub Clause 27.2 shall
remain unaltered.
Unquote

5.6 Price Position after Arithmetical correction (if any):

The bidders were asked to quote rates of all items of supply, F&I and Erection in
UR sheet (Unit rate sheet) only and from this sheet unit rate of each item gets
updated in the respective Price Schedules of Supply, F&I and Erection as per the
scope of the package. Accordingly, prices of the technically & commercially
qualified bidders, including Octroi & Entry tax, have been computed online at
www.tenderwizard.com/DDUGJY based on the provisions mentioned in bid
document and brought out as below:

Total Lump Sum

Total Lump Sum Arithmetical
Sl. Quoted Price after
Name of Bidder Quoted Price after Correction
No Arithmetical
discount (`) observed (`)
Correction (`)
1. NCC 2,560,520,933.17 Nil 2,560,520,933.17
2. BAJAJ 2,381,081,448.16 Nil 2,381,081,448.16*
3. VIJAI 2,731,235,677.62 Nil 2,731,235,677.62*
4. GODREJ 2,359,006,035.65 Nil 2,359,006,035.65
5. GOPIKRISHNA 2,354,133,225.64 Nil 2,354,133,225.64
6. VISHWANATH 2,399,703,378.47 Nil 2,399,703,378.47
* It includes Excise duty and Sales Tax/VAT of ` 25,898,532.85 and ` 5,990,883.86 against
Direct items for BAJAJ and VIJAI respectively.
 No arithmetical error has been observed in the price bids submitted by above
bidders. Bid price schedules submitted by bidders are having some items of zero
quantity accordingly zero value contributing towards the total bid price. Therefore
all zero quantity items having zero value are not being considered for
evaluations as well as award considering as the same set of items are not
required under the subject packages scope.

5.7 Capitalisation of Transformer losses and evaluation of bids:

Procedure for capitalisation of transformer losses have been provided in the bid
documents at clause no. 24.1 (I), ITB, Vol-I as under.

Quote

(i) Capitalisation of losses and evaluation of bids: For the purpose of

evaluation of Power transformer (33/11 kV &33/0.433 kV) the best of the
individual parameters for iron and copper losses for same rating of
transformers quoted by any of the bidder in Attachment-10 (Guarantee
Declaration) shall be taken as the base and the difference between this and
those quoted by the other bidders multiplied by the evaluation factor and
the number of transformer included in the scope shall be used to arrive at
the adjustment on the basis of per kW differential losses in Rupees indicated
in BDS, will be added to Bid Price.

Further in no case the guaranteed individual as well as total parameter of

losses shall exceed the maximum specified value given hereunder for
different rating of the power transformers. If the loss value furnished by
bidder in relevant schedule of bid is found to be more then specified value
here under then such bid shall be considered as rejected
Rating Voltage No load Load losses in
rating losses KWatt at 75
(KWatt) degree centigrade
1.6 MVA 33/11 kV 2.1 15
3.15 MVA 33/11 kV 4.5 23
5 MVA 33/11 kV 6.5 34
8 MVA 33/11 kV 8.5 50
100 kVA 33/.433 0.260 1.76

Further, during testing if the individual losses for power transformer

exceeds the declared maximum value furnished in relevant schedule of bid
upto 10% and within the individual maximum limit specified above then in
such cases owner reserve the right to accept the same with levying
liquidated damages over differential losses as given in SCC.

Bidders shall supply the BEE 3 star rated distribution transformer as per
specified losses below. In case of Distribution Transformers, the losses
specified hereunder shall be binding on the bidder. For the distribution
transformer loss capitalization is not envisaged under the present contract.
However, bidders are free to supply distribution transformer having lower
total losses without any cost implication to Owner/Employer.

Rating (KVA) Total Max Total Max losses at

Losses at 100% (W)
50% (W)
 16 150 480
25 210 695
63 380 1250
100 520 1800

Unquote

Applicable clauses for capitalisation of transformer losses are also provided in the
bidding documents at Sl.no.12 (B), SCC, Vol-I as under.

Quote

B. Loss capitalization of Power Transformers and evaluation

The factors and respective Indian Rupees values per unit loss of the transformers
for the purpose of calculation of the loss capitalization for the bid is stipulated as
below:

Sl. Equipment Parameter to Value of F in Indian Rupees

No be taken for (applicable for each item/unit of
applying the facilities) per unit of
differential parameter differential per KW
price factor (F)
1 8/5/3.15/1.6 Differential Rs. 1,18,643 /- (Indian Rupees
MVA Copper loss One Lakh Eighteen Thousand
33/11kV,3 ph. (KW) Six Hundred Forty Three only)
Power Differential Iron Rs. 2,61,713/- (Indian Rupees
Transformer Loss (KW) Two Lakh Sixty One Thousand
Seven Hundred Thirteen only)
And 33/.433
100 kVA
Station
transformer

The POWER TRANSFORMER under no circumstances shall be accepted if the

individual losses exceed the maximum limit specified in Technical Specifications

The supplier shall furnish the maximum guaranteed values of no load and full load
losses (at 75 deg C) with no plus tolerance. This offer shall be evaluated on the
basis of capitalization of losses. In case of not furnishing the maximum guaranteed
values of losses, bid shall be considered non-responsive.

For the purpose of evaluation of transformers, the best of the individual parameters
for iron and copper losses for same rating of transformers quoted by any of the
bidder in Attachemnt-10 (Guarantee Declaration) shall be taken as the base and the
difference between this and those quoted by the other bidders multiplied by the
evaluation factor and the number of transformer included in the scope shall be used
to arrive at the adjustment on the basis of per kW differential losses in Rupees
indicated above, will be added to Bid price.

Unquote
 All the bidders have submitted the maximum no load and full load loss for Power
Transformer (PT) in the prescribed Attachment-10 of the BPS. The loss
capitalization of Power transformer for the purpose of evaluation has been done.

5.8 Final Evaluated Price

Based on the details enumerated above and as brought out at Evaluation report
(Part-I), the final evaluated price of all the bidders has been worked out as per
details given hereunder:

Total Lump Sum Cost

Description Price Taxes & towards Differential
Arithmetically Duties (ED, Octroi & Loss
corrected CST/Sale Tax/ Entry Tax capitalization Final
(excluding VAT towards on Supply of Evaluated Status
Name of Taxes & Duties Direct items (Nil in Transformers Price
Bidder towards Direct on Supply case of as per clause
items, Octroi/ Portion) Odisha 24(i) of ITB
Entry tax ) state)
Nil Nil 24,269,489.40 2,584,790,4 L-5
NCC 2,560,520,933.17
22.57
2,355,182,915.31 25,898,532.85 Nil 2,547,162.15 2,383,628,6 L-3
BAJAJ
10.31
5,990,883.86 Nil 2,547,162.15 2,733,782,8 L-6
VIJAI 2,725,24,4793.76
39.77
Nil Nil 0 2,359,006,0 L-1
GODREJ 2,359,006,035.65
35.65
Nil Nil 24,269,489.40 2,378,402,7 L-2
GOPIKRISHNA 2,354,133,225.64
15.04
Nil Nil 24,269,489.40 2,423,972,8 L-4
VISHWANATH 2,399,703,378.47
67.87

All Zero quantity items have been removed from price schedules of lowest bidder
M/s GODREJ and repetitive items are clubbed together as rate quoted is same at
all the places. Price schedules thus derived was sent to GODREJ vide e-mail dated
03.05.2016 for their acceptance. M/s GODREJ vide their e-mail dated 04.05.2016
has communicated their acceptance.

6.0 COMPARISON WITH COST ESTIMATE

The approved Cost Estimate for the subject package is ` 206.88 Cr (Including all
taxes & duties). The quoted price of lowest evaluated bidder i.e. M/s Godrej &
Boyce Mfg. Co. Ltd., Mumbai is ` 235.90 Cr. (Including all taxes & duties) which is
14.03% higher compared to approved cost estimate.

It is pertinent to mention here that the estimate of this package was originally
prepared during Jan 2015 in NESCL and bid for this package was first opened in
 Feb 2015 where three bidders submitted their offers and M/s Variegate Projects
Private Limited, Hyderabad was lowest with quoted price of ` 245.15 Cr which was
further negotiated with the approval of competent authority and finally awarded at
` 243.68 Cr considering then awarded rates of POWERGRID and schedules of rate
of OPTCL.

However, as per the approval of competent authority, the contract on

M/s VARIEGATE was terminated and package was retendered keeping the
estimated cost, qualifying requirement and bidding condition same in view of the
provision of Risk & Cost implication in the contract.

The present offered price of M/s GODREJ is 3.19 % lower than last awarded price
of ` 243.68 Cr. Further, the offered price of M/s GODREJ is lower in comparison
with last awarded price which may be due to better competition in the present
tender.

However, in some of items (19 Nos) the rates quoted by bidder is observed
abnormally high (more than 50% of NTPCs estimated rate) and for 02 Nos of items
the rates quoted by bidder is observed abnormally low (less than 50% of NTPCs
estimated rate).

In such cases wherever these abnormally high rated items are required in the
project the same shall be allowed with due approval of head of RGGVY project upto
the awarded quantity and for quantity beyond awarded quantity approval of ED
(Region) shall be taken with the concurrence of Engineering department (Ref
Corporate Contracts-P&S circular No 529 dated 19.08.1996).

In case where these abnormally low rated items are required less than awarded
quantity then same shall be allowed with due approval of ED (Region) with the
concurrence of Engineering department (Ref Corporate Contracts-P&S circular No
529 dated 19.08.1996).

No additional Contract Performance Guarantee is proposed for these items as the

bidding conditions stipulates 15% of award value as Performance Security and
bidder has to furnish additional performance security of 15% of the total cost of
Distribution Transformer and Energy Meter.

7.0 Recommendation:
In view of above, it is proposed to award the work of Rural Electrification works of
Keonjhar district in Odisha State under Rajiv Gandhi Grameen Vidyutikaran Yojna
(RGGVY) of 12th Plan projects on Turnkey basis on behalf of State Utility (NESCO) /
Government of Odisha as per the specified scope of work (Package: KR-661) on
M/s Godrej & Boyce Mfg. Co. Ltd., Mumbai for a total value of ` 235,90,06,035/-
(` Two Hundred Thirty Five Crore Ninety Lac Six Thousand Thirty Five) including all
Taxes & Duties and Service Tax on erection portion. Octroi & Entry Tax, if any, on
supply portion shall be reimbursed against documentary evidence as per actual
(presently Nil in Odisha).

Further, in line with the provisions of the bidding documents (Clause 30.0, ITB, Vol.
-I, Sec.II), following two contracts shall be placed:
 SUPPLY PORTION;
Sl. No. Description Amount (`)
1 FIRST CONTRACT (SUPPLY PORTION)
Ex-manufacturing works/place of dispatch 170,51,20,322.33
a
Basic Price Material/equipment)
b Taxes and Duties Included
170,51,20,322.33
2 Total (a + b)
(R/O: ` 170,51,20,322)
(Rs One Hundred Seventy Crore Fifty One Lac Twenty Thousand Three
Hundred Twenty Two only)

Note:

(i) The above price is inclusive of all taxes and duties for all items. If Applicable in future,
Octroi & entry tax (at present Nil in case of Odisha) in respect of all the items of supply
shall be reimbursed separately subject to furnishing of documentary proof.
(ii) The above contract price shall be subjected to adjustment as per terms and conditions
of bidding documents.

ERECTION PORTION;
Sl. No. Description Amount (`)
1 SECOND CONTRACT (ERECTION PORTION)
a Freight & Insurance Charges 9,40,87,269.63
b Erection Charges 55,97,98,443.69
2 Total (a + b) 65,38,85,713.32

(R/O : ` 65,38,85,713)

(Rupees Sixty Five Crore Thirty Eight Lac Eighty Five Thousand Seven
Hundred Thirteen only)

Note:
(i) The above price is inclusive of all taxes and duties, cess etc. and also
inclusive of Service Tax.

(ii) The above contract price shall be subjected to adjustment as per terms and
conditions of bidding documents.

The total financial implication against the subject contract shall be `

235,90,06,035/- (inclusive of Service Tax). As per REC sanction letter no.
REC/BH/RGGVY/XIIth Plan/Sanction Letter/14-15/208 (4) dated 21.07.2014 the
sanction cost of project is ` 170.41 Cr. The additional cost of ` 65.49 Cr (excluding
CPSU charges) is required to be borne by Govt. of Odisha.
 It is observed that Govt. of Odisha vide letter No. 778/EL(RGGVY) 10/2015 date
28.01.2015 informed that if the award cost exceeds the sanctioned project cost
while finalizing tender for RGGVY XIIth plan Project in Odisha, then the differential
cost would be borne by the State Government. Accordingly, you may go ahead to
expedite the tender process.

Considering the provisions of TPA (Tripartite Agreement) and the above cited letter
of Govt. of Odisha, award proposals for all packages were earlier approved by the
competent authority. Accordingly, the present proposal for award may be
considered for approval.

As per the provision of earlier awarded contract (clause 36 of GCC) on

M/s VARIEGATE the implication on account of risk & cost shall be worked out after
completion of the project. However, it is observed that presently there is additional
financial implication of ` 15.71 Cr on M/s VARIEGATE calculated as per System
circular No 47/2012 dated 01.03.2012 of Corporate finance & Accounts.

(Arvind Kumar)
RED (E-II)
...
The above agenda is put up for approval please.