Tamil Nadu
Joyalukkas wins 70% of TN's Rs 755-crore gold ring contract with 1-paisa bid
Joyalukkas won a 70% share of Tamil Nadu government's Rs 755-crore contract for gold rings under the Thaimaman Thanga Mothiram Thittam scheme, after quoting 1 paisa as service charge per ring. Kalyan Jewellers, the only other bidder that agreed to match the price, received the remaining 30%.
Joyalukkas has been awarded a 70% share of a Tamil Nadu government contract worth an estimated Rs 755 crore to supply gold rings under the "Thaimaman Thanga Mothiram Thittam" scheme. The company was the lowest bidder among 11 jewellers that took part in the tender, quoting 1 paisa towards service charge for each ring, according to a state health department release issued on Friday night.
The contract was awarded in a 70:30 ratio to Joyalukkas and Kalyan Jewellers, with Kalyan being the only other bidder that agreed to match the price quoted by the lowest bidder. The unusually low bid prices generated discussion on social media and prompted political reactions about the tender process.
- Kalyan Jewellers
- Joyalukkas
- gold ring contract
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