REC’s board has approved the proposal for incorporation of a project-specific special purpose vehicle (SPV), as wholly owned subsidiary of REC Power Development & Consultancy (RECPDCL), for development of inter-state transmission project at Karnataka to be implemented through tariff based competitive bidding route, allocated by Ministry of Power, Government of India. 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 of Directors of the company in its meeting held on March 21, 2022, has 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.
