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REC gets nod for incorporation of one project specific SPV

10 Aug 2015 Evaluate

Rural Electrification Corporation (REC) has received an approval for incorporation of one project specific Special Purpose Vehicle (SPV), as subsidiary company of REC Transmission Projects Company (RECTPCL) for the transmission scheme namely ‘System Strengthening Scheme in Northern Region (NRSS-XXXVI)’ along with LILO of Sikar- Neemrana 400 kV D/C line at Babai (RRVPNL). The company to be incorporated will also be a subsidiary company of REC in terms of the provisions of the Companies Act, 2013. The board of directors at their meeting held on August 07, 2015 has approved for the same.

The board has also approved the proposal for sale and transfer of 50,000 equity shares of Maheshwaram Transmission (MTL) (existing project specific SPV Company of RECTPCL) to successful bidder i.e. Sterlite Grid 3. The Ministry of Power has also conveyed its approval for the above sale and transfer of 50,000 equity shares of MTL to Sterlite Grid 3. Further, in terms of the Companies Act, 2013, Maheshwaram Transmission is also a subsidiary company of REC.

REC is engaged in providing financial assistance to state electricity boards, state government departments and rural electric co-operatives for rural electrification projects as are sponsored by them.



REC Share Price

359.35 -0.35 (-0.10%)
08-May-2026 16:59 View Price Chart
Peers
Company Name CMP
Power Finance Corp 461.00
REC 359.35
Indian Railway Fin. 106.05
NHIT 160.00
Satin Creditcare 212.55
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