Team News Riveting
New Delhi, August 29
The Board of Directors of the REC Limited, a government of India enterprise, has given its nod to sale and transfer the entire stake of Beawar Transmission Limited to Sterlite Grid 27.
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.
RECPDCL is rendering expert and value-added consultancy services to power utilities across the country i.e., in 41 Power Distribution Companies (DISCOMs) and 4 Co-operative societies in 27 States across India with a project cost more than Rs 85,000 crore.
“In pursuance of Regulation 30 read with Schedule III of SEBI ( LODR ) Regulations, 2015 , this is to inform that the Board of Directors of the Company in its meeting held on August 29 , 2023 inter-alia approved the sale and transfer of the entire shareholding of Beawar Transmission Limited, presently held by REC Power Development and Consultancy Limited ( RECPDCL), wholly owned subsidiary of REC, to M/s Sterlite Grid 27 Limited, the successful bidder select ed through Tariff Based Competitive Bidding process,” REC Limited said in a regulatory filing.
The process for sale and transfer of the said SPV to the successful bidder(s) is expected to complete during the financial year 2023-24, the company said.
Beawar Transmission Limited (BTL) is a Public Limited Union Government Company incorporated in India on 27 April 2022 (One year and four months old). Its registered office is in Central Delhi, Delhi, India.
