Last Updated : Thursday, April 9, 2020 00:23:31

REC Board nods 7 SPVs for transmission projects in four Indian States

NEW DELHI / MUMBAI / RAJKOT – In a regulatory update as submitted to the Indian Stock Exchanges, New Delhi headquartered central government public sector undertaking rural electrification projects financing arm REC Ltd said of the company board having given nod to proposal of incorporation for seven (7) project specific special purpose vehicles in Maharashtra, Madhya Pradesh, Karnataka, Rajasthan.

In a regulatory update as submitted by the company to the Indian Bourses, with a subject-line titled, ” Incorporation of Seven Project Specific SPVs, as Wholly Owned Subsidiaries of RECTPCL for transmission projects allocated by Ministry of Power, Government of India.”, it further read that, Board of Directors of REC Limited in its Meeting held on March 25, 2020 inter-alia approved the proposal for incorporation of seven (7) Project Specific Special Purpose Vehicles (SPVs).


This project specific special purpose vehicles will be wholly owned subsidiaries of REC Transmission Projects Company Ltd (RECTPCL), a wholly owned subsidiary of REC, for development of transmission projects allocated by Ministry of Power, Government of India.

The details of proposed seven special purpose vehicles is as under :-

  1. Transmission system for evacuation of power from RE projects in Osmanabad area (1 GW) in Maharashtra;
  2. Transmission system for evacuation of power from RE projects in Rajgarh (2,500 MW) SEZ in Madhya Pradesh;
  3. Transmission Scheme for Solar Energy Zone in Gadag (2,500 MW), Karnataka – Part A;
  4. Transmission Scheme for Solar Energy Zone in Bidar (2,500 MW), Karnataka;
  5. Transmission system strengthening scheme for evacuation of power from solar energy zones in Rajasthan (8.1 GW) under Phase II -Part A;
  6. Transmission system strengthening for evacuation of power from solar energy zones in Rajasthan (8.1 GW) under Phase II -Part B; and
  7. Transmission system strengthening scheme for evacuation of power from solar energy zones in Rajasthan (8.1 GW) under phase-II- Part C.

The companies to be incorporated will also be wholly owned subsidiary Companies of REC Limited as per provisions of Section 2(87) of the Companies Act, 2013.


You can read the same news-report on : https://datelinegujarat.blogspot.com

In case, if you wish to VERIFY, the above narrated news-report, please CLICK here.


Follow DATELINE GUJARAT On :-

FacebookGoogle+LinkedinTwitterYouTube, Blogspot, Telegram, Instagram 


SHARE THIS NEWS ON :-

Do NOT follow this link or you will be banned from the site!