REC announces cessation of SPV - WRSR Power Transmission
Capital MarketREC announced that after receipt of consideration comprising of professional fees of Bid Process Coordination, interest cost and reimbursement of expenditure incurred on the project by REC Power Development & Consultancy (RECPDCL), wholly owned subsidiary of REC, the entire shareholding of WRSR Power Transmission, comprising of 50,000 equity shares, presently held by RECPDCL, has been transferred at par value along with all its assets and liabilities on 17 January 2023 to Adani Transmission, the successful bidder selected through tariff based competitive bidding process to establish "ISTS Network Expansion scheme in Western Region & Southern Region for export of surplus power during high RE scenario in Southern Region."
Hence, with effect from the aforesaid date, the above project specific SPV is not a subsidiary of RECPDCL & REC.
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