Megha Engineering Wins 2000MW Sharavathi Pumped Storage Project

New Delhi, Apr 29 (PTI) Infrastructure firm Megha Engineering and Infrastructure (MEIL) on Monday said it has bagged a 2,000-megawatt Sharavathi pumped storage power project in Karnataka entailing an investment of Rs 8,000 crore.

The Sharavathi river is a vital source of hydroelectric power in Karnataka, a company statement said, adding that with a planned total power generation capacity of 2000 MW, it is the country's largest pump storage power generation unit.

Karnataka aims to solve the power crisis in the state through this big budget project. The cost of the project is over Rs 8,000 crore, it stated.

The competitive bidding process saw major players, including Larsen and Toubro (L&T), the company said.

The Hyderabad-based MEIL won the bidding process and bagged the project. "It also saw L&T's stiff resistance as they moved Supreme Court over it but their plea was rejected and the contract awarded to MEIL", the company said.