MUMBAI: Sterlite Technologies has emerged as the lowest bidder for the country's first private power transmission project, Power Finance Corporation (PFC), the bid co-ordinator, said late on Tuesaday.

"Sterlite Technologies Ltd., Pune has emerged as the successful bidder with levellised annual transmission charges of 118.795 (1.18 billion rupees) crores," the state-run company said in a statement.

The transmission project involves two 400kV double circuit lines of approximately 500 km between Bongaigaon to Siliguri and Purnea to Biharsharif, PFC added.

The Letter of Intent is expected to be awarded to Sterlite by end of this month, it added.

The other two bids came for 1.67 billion rupees and 2.4 billion rupees, PFC added.