Team News Riveting
New Delhi, September 27
REC Limited has transferred Ramgarh-II Transmission Limited (RTL), a special purpose vehicle (SPV) and wholly owned subsidiary of REC Power Distribution Company (RECPDCL), to Power Grid Corporation of India.
RECPDCL is a wholly owned subsidiary of the REC Limited.
“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 September 27, 2023 inter-alia approved the sale and transfer of the entire shareholding of Ramgarh-II Transmission Limited , presently held by REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of REC to Power Grid Corporation of India Limited, the successful bidder selected through Tariff Based Competitive Bidding process,” REC Limited said in a regulatory filing today.
REC is engaged in providing financial assistance to state electricity boards, state government departments and rural electric cooperatives for rural electrification projects as are sponsored by them.
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.
