Power Mech Projects Limited has informed the Exchange regarding 'Intimation regarding Annulment of Tender and Cancellation of Letter of Award issued to PM Green Private Limited (one of the Wholly Owned Subsidiaries of the Company).'.
POWERMECH · price
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West Bengal State Electricity Distribution Company Limited (WBSEDCL) has annulled the tender for setting up a 250 MW/1000 MWh Standalone Battery Energy Storage System at Goaltore and cancelled the Letter of Award issued on January 8, 2026 to PM Green Private Limited, a wholly owned subsidiary of Power Mech Projects. The cancellation is due to administrative and procedural reasons beyond anyone's control, and is not because of any default by the subsidiary. Bank guarantees submitted by the subsidiary have been returned in full with no deductions. As a result, Power Mech's order book will shrink by Rs. 1,563 crores.
This is a negative development as the company loses a large order worth Rs. 1,563 crores, which would have contributed meaningfully to future revenues. However, since no penalties were imposed and guarantees were returned, the financial damage is limited to the lost future business rather than any immediate cash outflow.