VIJAYAWADA: The State government claimed to have saved Rs 67.81 crore through reverse tendering for Althurupadu balancing reservoir in Nellore district.
According to a statement on Wednesday, the Water Resources went for reverse tendering for the project with estimated cost of Rs 253.77 crore. Eight firms participated in the bidding, with the lowest bid being Rs 218.09 crore.
The department has taken the lowest bid as the benchmark for reverse auctioning.“After the reverse bidding process, Hyderabad-based BVSR Constructions Ltd quoted Rs 185.6 crore, 26.72 percent lower than the initial estimated cost. On the whole, reverse tendering helped save Rs 67.81 crore to the State exchequer,” the statement said.