Board of REC approves incorporation of project-specific SPV

6 Dec 2022 , 08:17 PM

The Board of REC at its meeting held on 05 December 2022 has approved the incorporation of a project-specific special purpose vehicle (SPV), as wholly owned subsidiary of REC Power Development & Consultancy (RECPDCL), for the transmission project North Eastern Region Expansion Scheme-XVI (NERES-XVI) to be implemented through Tariff Based Competitive Bidding (TBCB) process. The proposed Company will also be subsidiary Company of REC, in terms of the provisions of Section 2(87) of the Companies Act, 2013. The Board also approved the sale of of MP Power Transmission Package-I held by RECPDCL to M/s Megha Engineering & Infrastructures, the successful bidder selected through Tariff Based Competitive Bidding process. Powered by Capital Market – Live News