He also noted that other bidders, including Dalmia Group and Jindal Power Limited, took part in the process and were bound by the same rules set out in the Information Memorandum and RFRP. These documents, he said, were binding and ensured fairness and consistency.
On Vedanta’s main argument—its November 8, 2025 addendum seeking to revise its bid—Mehta said the rules clearly barred any changes once bids were finalised and the scoring system frozen. Allowing such revisions, he argued, would disrupt the process and could lead to an “endless cycle” of bid changes.
He pointed out that Vedanta’s revised proposal aimed to improve its score in two areas: upfront payment and equity infusion. The company increased its equity infusion…