In the very sort of — if there is some untoward situation, which is sort of unforeseeable, one might consider doing that. But you have to be very mindful of all the consequences of relationship with SECI and with the reputational issues and so on. So that’s not something that we would do lightly once the PPA is signed. But yes, before we add the bidding process itself, of course, if projects don’t meet a hurdle rate, then we will not go ahead and win those projects. And on that respect, we are only very disciplined, and we have been very disciplined over the last many years, and it actually held us in good stead. So in fact, if you probably — while our market share is the largest in terms of bid wins over the last several years. If you also see the percentage of losses of bids not won, you’ll find that we’re probably also among the highest.
Puneet Gulati: So projects like 975 megawatts, Rajasthan 4, where you had 2.18 tariffs, you still think you can make 16% to 20% IRRs there. Because some of the peers seems to be giving up those kind of projects with low tariffs. If you can comment on that as well.
Sumant Sinha: No. So in those projects, as I said, in one-off projects, there may be a situation. I don’t remember the specific project that you alluding to exactly what the numbers there are. It could very well be that in one-off projects here and there. Finally, by the time you execute the project, the IRR ends up being lower. That is possible. But by and large, as I said, we are able to deliver what we bid towards, and we only bid towards 16% to 20%. And we, therefore, in the vast majority of cases, end up delivering that much or even higher sometimes. For example, the RTC project is a case in point. Post the farm down, we are likely to make more than 20% equity IRRs on that project. So yes, so from an execution standpoint, it does tend to go this way or that way, depending on certain movements in commodity prices or interest rates or the execution issues.
But as I said, the vast majority of our projects are — all of our projects are bid and won at between 16% and 20%, and the vast majority of our projects stay within that range post execution as well.
Nathan Judge: And just quickly to add to that. Sumant mentioned earlier in his comments that we continue to have a lot of conversations with investors as it relates to capital recycling, and that broadly across the portfolio has the opportunity to improve any particular project’s IRRs.
Puneet Gulati: Yes, understood. Understood. And if I can squeeze in just one last one. You alluded that projects before April ’21, are now grandfathered. Is that clear now from the government’s perspective that there’s not a change in law, but more grandfathering?
Sumant Sinha: Four projects that are bid out before April 1, whether it is grandfathering or change in law — Kedar, do you have a sense of that?
Kedar Upadhye: No, I could come back on the specific point, Sumant. We’ll take it offline, and we’ll come back to you.
Operator: The next question will come from Amit Bhinde with Morgan Stanley.
Amit Bhinde: I just wanted to get your view on the offshore wind opportunity that’s coming up. There was a news that bids would be tendered be put out for 4 gigawatt in Tamil Nadu. So how are you looking at that opportunity? And what is the preparedness that we have for such a project?
