REC has transferred Ramgarh New Transmission (RNTL), a special purpose vehicle (SPV) and wholly owned subsidiary of REC Power Distribution Company (RECPDCL), which is a wholly owned subsidiary of the company, to Power Grid Corporation of India. RNTL was incorporated for transmission system strengthening scheme for evacuation of power from Solar energy zones in Rajasthan.
After successful completion of tariff based competitive bidding process (TBCB), Power Grid Corporation of India emerged as successful bidder for the said project and after receipt of consideration comprising of professional fee for bid process coordination and reimbursement of expenditure incurred on the project by RECPDCL, interest cost etc., the entire shareholding of RNTL, comprising of 50,000 equity shares, presently held by RECPDCL, was transferred at par value along with all its assets and liabilities on March 9, 2021 to Power Grid Corporation of India . Hence, with effect from the aforesaid date, the above project specific SPV is not subsidiary of RECPDCL & REC.
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.
| 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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