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d) Subsequently, the Respondent No. 2, based on the preliminary evaluation of the non-financial bids by the Bids Evaluation Committee (hereinafter 'BEC'), sought clarifications from all seven participating bidders, including the Appellant. Upon the submission of clarifications, BEC declared seven bidders qualified for opening of the financial bids. Subsequently, since RKM Powergen and M/s NSL Nagapatnam Power & Infratech Limited chose not to extend the bid validity and hence their bids were not opened and the financial bids of only the following 5 bidders __________________________________________________________________________________ were opened on 04.04.2013:

f) Pursuant to the meeting with the Board of Directors of Respondent No. 2 held on 20.09.2013, 24.09.2013 and 25.09.2013, the Appellant inter-alia agreed to provide additional quantum of power to the tune of 99 MW, to the Respondent No. 2 at the same levellised tariff. However, the Appellant clearly expressed its inability to reduce the tariff. The Board of Directors of the Respondent No. 2, after considering the above factual position and keeping in mind the benefit being accorded to the Respondent Nos. 3 to 5, directed that an LOI for 410 MW (original 311 MW plus additional 99 MW) be issued for procuring the power from the Appellant at the tariff quoted in the Appellant's financial bid.

(c) Short listing of qualified bidders on the basis of evaluation of non-

financial bids;

(d) Evaluation of financial component of the bids to determine the levelised tariff and evaluate whether such levelised tariff is aligned to the prevailing market prices;

(e) The bidder who has quoted lowest levelised tariff to be declared as successful bidder. Acceptance of the outcome of the bid evaluation resulting issuance of Letter of Intent (LoI) in favour of successful __________________________________________________________________________________ bidder and signing of PPA.

(d) After accepting the Report of Evaluation Committee, the RRVPN (R-2) filed the petition before the State Commission for adoption of the tariff quoted by the Appellant(s) being the successful bidder(s).
(e) The last stage is that such tariff discovered by competitive bid process under Section 63 must be adopted by the State Commission except when there is a sole bidder or when the evaluation of financial bid was not as per the prevailing market prices.