REC transfers Ramgarh New Transmission (SPV) to Power Grid

REC announced that Ramgarh New Transmission (RNTL), a special purpose vehicle (SPV) and wholly owned subsidiary of REC Power Distribution Company (RECPDCL) which is a wholly owned subsidiary of REC, was incorporated for the purpose of transmission system strengthening scheme for evacuation of power from Solar energy zones in Rajasthan (8.1 GW) under Phase II-Part A, to be transferred to the successful bidder selected through tariff based competitive bidding process (TBCB).

After successful completion of TBCB process, Power Grid Corporation of India emerged as successful bidder for the said project.

Accordingly, after receipt of consideration comprising of professional fee for bid process coordination and reimbursement of expenditure incurred on the project by RECPDCL, interest cost etc., the entire shareholding of RNTL, comprising of 50,000 equity shares, presently held by RECPDCL, was transferred at par value along with all its assets and liabilities on 09 March 2021 to Power Grid Corporation of India.

 

Hence, with effect from the aforesaid date, the above project specific SPV is not subsidiary of RECPDCL & REC.

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