REC has received approval from board of directors for incorporation of a project-specific special purpose vehicle (SPV), as wholly owned subsidiary of REC Power Development & Consultancy (RECPDCL), for the transmission project ‘North Eastern Region Expansion Scheme-XVI (NERES-XVI)’ to be implemented through Tariff Based Competitive Bidding (TBCB) process. 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 company has also received approval for sale and transfer of MP Power Transmission Package-I held by RECPDCL to Megha Engineering & Infrastructures, the successful bidder selected through Tariff Based Competitive Bidding process. The Board of Directors of the Company in its meeting held on December 5, 2022 inter-alia 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.
