India's Reliance Energy wins $4 billion Sasan power project

India's Reliance Energy Ltd. has won a bid to build a $4.9 billion power project in central India that will boost the company's generating capacity five-fold.

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Reliance Energy, which has a current capacity of 941 megawatts, said in a statement late Monday it plans to invest 200 billion Indian rupees ($4.9 billion) to build the 4,000-megawatt coal-based power plant.

The Sasan power project is part ot India's aim to add 70,000 megawatts of power over the next five years to meet peak-time deficits, currently estimated at 12 percent.

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Reliance Energy lowered its selling price for power produced from the plant to 1.19 rupees (2.9 cents) per unit to match a price quoted in January by a consortium including Lanco Infratech Ltd. and Globeleq Singapore Pte. The consortium won the initial bid.

However, the Lanco-Globeleq bid was voided because one of the consortium partners was changed after the group won the bid.