Treatment of Bid submitted by a consortium

(a) All proposals submitted by a Bidding Consortium shall enclose a memorandum of undertaking, executed by all consortium members setting out the role of each of the consortium members and the proposed equity stake of each of the consortium members with regard to a Project. (b) The Lead Consortium Member of a pre-qualified Consortium cannot be replaced except with the prior permission of the Government and which permission will be considered only in case of acquisition or merger of the Lead Consortium Member Company. Further, after a Bidding Consortium is selected to implement any Project, the Lead Consortium Member shall maintain a minimum equity stake of 26% for a period of time, as specified in the Sector Policy or the Concession Agreement. (c) Replacement of other Consortium Members may be permitted, provided the same is not prejudicial to the original strength of Consortium as determined in course of the evaluation of original bid or proposal. (d) Any change in the shareholding or composition of a Consortium shall be with the approval of the Government.