New Delhi, Oct 10 (IANS): Larson & Toubro (L&T) has emerged as the lowest bidder of the tender issued by state-run EESL for procurement of 50 lakh smart meters to be installed in Uttar Pradesh and Haryana, an official statement said on Monday.

"L&T has emerged as the lowest bidder of the tender issued by Energy Efficiency Services Ltd (EESL) to procure 50 Lakh smart meters," a Union Power Ministry statement here said.

"L&T quoted the lowest price of Rs 2,722 per single phase smart meter. 40 lakh smart meters will be deployed in UP and the remaining 10 lakh in Haryana," it said.

"The price quoted by L&T is 40-50 per cent lower than the current market rates."

At the price quoted by L&T, the total worth of order works out to be Rs 1,361 crore.

According to the government, 14 leading manufacturers from around the world participated in the bidding. The meters will be installed over a period of three years in a phased manner.

The meters are being procured for implementation of smart grid projects in Haryana and Uttar Pradesh since these states grapple with huge AT&C (aggregate technical and commercial) losses, with the latest figures for both the states being 28.42 per cent and 34.36 per cent, respectively, the statement added.