ADA Group's Reliance Energy and GMR Infrastructure are the two Indian firms that have been shortlisted in the bidding process to acquire Singapore's Tuas Power, one of the three power firms put on block.
India's largest private sector power generator Tata Power is, however, reported to be left out in the race.
REL and GMR would compete with four international firms including China Light and Power, and HongKong Electric for acquiring Tuas Power that is estimated to be valued at around $2 billion.
"GMR and REL are two Indian companies which have qualified in the indicative bidding stage of the two-step process. The second stage of submitting binding bids is scheduled to be held in March," sources said.
Tata Power, REL and GMR, along with several international players had submitted indicative bids for acquiring the three Singapore firms on December 12.'
When contacted officials of Reliance Energy and GMR denied to comment.
Shares of GMR Infrastructure today closed down at Rs 248.85, while that of Reliance Energy were up at Rs 2,584.75 each.
Singapore government's investment arm Temasek Holding is selling stakes in three power utilities - PowerSeraya and Senoko, besides Tuas Power which is targeted to be divested by the first quarter of 2008.
Tuas Powers assets include 1,200 MW of oil-fired steam turbine plants and 1,470 MW of gas-fired combined cycle plants. It caters to National Electricity Market of Singapore.
The company earned revenues of 2.28 billion Singapore dollars and a net profit of 177 million Singapore dollars in the fiscal ended March 31, 2007.
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