REC has received an approval for incorporation of Project Specific special purpose vehicles (SPVs), as Wholly Owned Subsidiary Companies of REC Power Development and Consultancy (RECPDCL) for Four Inter-State Transmission Projects to be implemented through tariff based competitive bidding mode.
The proposed SPVs will also be subsidiary companies 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 Board Meeting held on May 17, 2023, inter-alia considered and 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.
