- The Centre allows four firms with foreign stakes to bid for power projects for two years
- These companies must meet prescribed domestic content requirements to qualify for bids
- Minister Shripad Naik said the move aims to boost competition and price stability
The Centre has allowed four companies with substantial stakes held by entities from neighbouring countries to bid for power projects for a two-year period beginning from June 24, provided they meet prescribed domestic content requirements.
The decision is aimed at increasing competition, improving price stability and addressing supply constraints, while remaining aligned with the objectives of the Atmanirbhar Bharat initiative, Minister of State for Power Shripad Naik said in a written reply to the Rajya Sabha.
The minister was responding to a question by MP Jose K. Mani on whether the government had allowed four companies with Chinese ownership or links to bid for government tenders involving critical power projects. However, the minister did not specify that these four entities are Chinese-owned.
Addressing concerns over national security, the minister said products manufactured at these India-based facilities will be subject to mandatory testing and certification under Bureau of Indian Standards (BIS) and relevant Indian Standards (IS) through designated agencies.
He added that the companies will also have to comply with applicable Indian cybersecurity guidelines and standards, including mandatory cybersecurity testing wherever required.
According to the minister, these safeguards are adequate to mitigate potential security risks while avoiding a blanket ban on such entities, allowing competitive procurement without compromising national security.
ALSO READ | E20 Fuel Row: Consumer Forum Orders Maruti To Pay Rs 21 Lakh Over Engine Stalling
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
