Reliance Power, arms barred from renewable energy tenders for 3 years

SECI banned Reliance Power and subsidiaries from its renewable energy tenders. SECI found a Reliance subsidiary submitted a fake bank guarantee. Reliance Power denied wrongdoing and claimed to be a victim of fraud. The company will challenge SECI's decision. Reliance Power aims to expand in renewable energy. This incident forced SECI to cancel the tendering process.