Rural Electrification Corporation announced that the entire shareholding of REC Transmission Projects Company (RECTPCL), a wholly owned subsidiary of REC in Ghatampur Transmission, comprising of 50,000 equity shares have been transferred along with all its assets and liabilities on 19 June 2018 to Adani Transmission, the successful bidder selected through Tariff Based Competitive Bidding Process, to establish Transmission System for evacuation of power from 3x660 MW Ghatampur Thermal Project.
Further,RECTPCL has received a consideration of Rs. 17.93 crore, comprising of Rs. 14.16 crore (including GST) towards Professional Fee for Bid Process Coordination, Rs. 0.05 crore towards cost of acquiring 50,000 equity shares and balance towards reimbursement of expenditure incurred on the project.
Hence, from now onwards, the above Project Specific SPV is not subsidiary of RECTPCL & REC.
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