REC gets nod for incorporation of project-specific special purpose vehicles

REC has received an approval for incorporation of a project-specific special purpose vehicles, as wholly owned subsidiaries of REC Power Development & Consultancy (RECPDCL), for selection of successful bidder for implementation of the following projects allocated by Ministry of Power, Government of India through tariff based competitive bidding process: (a) ISTS Network Expansion Scheme in Western & Southern region for export of surplus power during high RE scenario in Southern Region; (b) Transmission system for evacuation of power from Luhri Stage-I HEP; and (c) Inter-regional ER-WR Interconnection.

The proposed companies will also be subsidiary companies of REC, in tens of the provisions of Section 2(87) of the Companies Act, 2013. The Board of Directors of the Company in its meeting held on August 4, 2022 inter-alia also approved the same.

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.