Team News Riveting
New Delhi, September 20
The arm of REC Limited, a government of India enterprise, on Wednesday transferred the entire stake of Beawar Transmission Limited to Sterlite Grid 27.
On August 29, 2023, the Board of REC has given its nod to sale and transfer the entire stake of Beawar Transmission Limited to Sterlite Grid 27, the successful bidder selected through Tariff Based Competitive Bidding process. Board inter-alia approved the sale and transfer of the entire shareholding of Beawar Transmission Limited, held by REC Power Development and Consultancy Limited (RECPDCL), wholly owned subsidiary of REC, to M/s Sterlite Grid 27 Limited, the successful bidder selected through Tariff Based Competitive Bidding process,
The stake was held by REC Power Development and Consultancy Limited (RECPDCL), wholly owned subsidiary of REC, which was incorporated in July, 2007.
REC is a leading Infrastructure Finance Company that lent interest-bearing loans to State Electricity Boards, State Power utilities, State Power Departments and Private sector for building power infrastructure.
In a regulatory filing on Wednesday, REC Limited said, “In continuation of our earlier letter dated August 29, 2023 on above cited subject, it is informed 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 Limited (RECPDCL), wholly owned subsidiary of REC Limited (REC), the entire shareholding of Beawar Transmission Limited, comprising of 50,000 equity shares , presently held by RECPDCL, has been transferred at par value along with all its assets and liabilities on September 20, 2023 to Mi s Sterlite Grid 27 Limited, the successful bidder selected through tariff based competitive bidding process to establish Inter-State transmission system for “Transmission system for evacuation of power from REZ in Rajasthan (20GW) under Phase-III Part F”.
Hence, with effect from the aforesaid date, the above project specific SPY is not a subsidiary of RECPDCL and REC.
