The Solar Energy Corporation of India (SECI) has issued a show-cause notice to Reliance Power Ltd. for allegedly submitting a fake bank guarantee in a recent tender bid. The bid, submitted by Reliance NU BESS, a subsidiary of Reliance Power, was for the establishment of a 1,000 MW/2,000 MWh energy storage system. SECI’s investigation revealed that the bank guarantee, purportedly issued by FirstRand Bank’s Manila branch, was fraudulent, as no such branch
The Solar Energy Corporation of India (SECI) has issued a show-cause notice to Reliance Power Ltd. for allegedly submitting a fake bank guarantee in a recent tender bid. The bid, submitted by Reliance NU BESS, a subsidiary of Reliance Power, was for the establishment of a 1,000 MW/2,000 MWh energy storage system. SECI’s investigation revealed that the bank guarantee, purportedly issued by FirstRand Bank’s Manila branch, was fraudulent, as no such branch