REC rose 0.81% to Rs 87.65 after the company announced incorporation of seven project-specific special purpose vehicles for development of transmission projects allocated by Ministry of Power, Government of India.
The board of directors of REC in its meeting held on 25 March 2020 approved the proposal for incorporation of seven project specific special purpose vehicles (SPVs) as wholly owned subsidiaries of REC Transmission Projects Company (RECTPCL), a wholly owned subsidiary of REC, for development of transmission projects allocated by Ministry of Power, Government of India. The companies to be incorporated will also be wholly owned subsidiary companies of REC. The announcement was made during market hours today, 8 April 2020.
REC's consolidated net profit jumped 29.81% to Rs 1,666.81 crore on a 13.69% rise in net sales to Rs 7,533.80 crore in Q3 December 2019 over Q3 December 2018.
REC is engaged in financial services and other activities like credit granting. The firm provides finance to power sector. It finances and promotes rural electrification projects all over the country.
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