Jyoti Structures contract clarification

With reference to the news item appearing on a Web Portal titled "Reliance Energy bags transmission orders worth Rs 2,000 cr; Jyoti Structures to provide EPC", Jyoti Structures Ltd has clarified as under :

1. Power Grid Corporation of India invited tariff based bids from interested / pre-qualified for setting up Western Region System Strengthening Transmission Project in the states of Maharashtra & Gujarat, involving about 1,500 Km of 400Kv Transmission Lines.

2. The Bids were received on October 09, 2006 from eight bidders including Reliance Energy Ltd (REL).

3. REL & the Company had a pre-tender exclusive tie-up for the Company to carry out survey, design, testing, manufacture of towers and construction of lines for a total value of approximately Rs 500 cr.

4. REL were the lowest tariff bidders. For whatever reasons, the decision on award of project to REL was some what delayed. The Company understand from news paper reports that REL's proposal has now been cleared. The Company is awaiting official communication from REL in this matter.

5. As a matter of policy, the Company consider an order received by the Company only after they officially receive the same and sign the contract.