Deep pockets a substitute for relevant qualifying experience? Naya Raipur Development Authority thinks so.

While browsing some tenders where IL&FS is the project consultant, I noticed an unusual condition in a bid for a logistics hub at Naya Raipur(Chhatisgarh). As per the bid document(http://www.ilfsindia.com/tenders/LHUB_Bid_Summary.pdf), the project cost is Rs 100 crore(approx) on a BOOT basis.  While the usual experience criteria mentioned is completion of Rs 50 crore projects(Rs 150 crore if within other related sectors) in 3yrs, this is dropped for bidders with net worth of Rs 100crore+ as on 31st March 2011.
Exception to High Net-worth Bidders: If a Bidder (Sole – Bidder/Lead member of consortium) is having
a minimum Net-worth of Rs. 100 Cr. as on 31st March 2011,  then the Bidder need not meet the Experience Criteria for qualification/ eligibility.

This defeats the very purpose of imposing that restriction, and is not logical. Just having a net worth=project cost(presumable inference that one can absorb that loss!) does not give a license to relax the experience criteria, which would increase project execution risk.