| The successful bidder for the Rs 16,000 crore Sasan project was a 70:30 consortium of Globeleq Singapore and Lanco Infratech. Globeleq Singapore has now been acquired by Lanco Infratech and Jindal Steel and Power Ltd. |
| While the new promoters claim the transition of the project will be smooth, questions are being raised about the the process as well as the eligibility of Jindal to partner in a project in which it was not a successful bidder initially. |
| PFC also appears to be in trouble for endorsing the consortium arrangement with Globeleq Singapore, which held 70 per cent equity in the project even though it has no assets whatsoever on its name. This was reflected in the buyout of Globeleq's equity in GS by the Lanco-JSPL duo for a 'nominal value'. |
| Interestingly, Globeleq also transferred the 'assets' of GS, which were nothing but agreements and MoUs signed with other companies, to Sunofia Corporation Pte Limited, a newly floated subsidiary of Globeleq UK in Singapore, on February 7, 2007, just a few days before its acquisition by Lanco-Jindal duo, highly placed sources told Business Standard. |
| An official in Globeleq Mumbai office confirmed the development. GS was acting only as a liasion office signing agreements on behalf of Globeleq and it has no assets on ground, the sources said. |
| During the financial evaluation of the consortia, which bid for the project, PFC, as the nodal agency, had to screen the ability of each of the consortium partners along with their asset base. |
| Except being a Globeleq-managed legal entity, GS is neither engaged in any project activity nor is managing any assets on its own, the sources said. All the assets in Asia are owned by Globeleq Limited, the group holding company, indirectly through Globeleq Asia Holdings Limited. |
| Globeleq has created similar holding companies separately for Africa and Americas for managing assets in the respective continents. |
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