REC Subsidiary- RECTPCL’s Board of Directors at meeting held on February, 25 2014, approved the name of Power Grid Corporation of India (PGCIL) as successful Bidder for issuance of Letter of Intent (Lol) to establish Transmission System for Northern Region System Strenghthening Scheme, NRSS- XXXI(Part A) and Essel Infraprojects (EIL) as successful Bidder for issuance of Letter of Intent (Lol) to establish Transmission System for Northern Region System Strenghthening Scheme, NRSS- XXXI(Part B).
REC’s board of directors at meeting held on February 14, 2014 has approved the sale and transfer of 50,000 Equity Shares each of NRSS XXXI(A) Transmission and NRSS XXXI(B) Transmission, presently held by RECTPCL and its nominees, to the selected Bidder, substantially upon the terms & conditions of the Share Purchase Agreements to be executed between the RECTPCL, concerned SPVs and respective successful bidders, subject to obtaining necessary approval from the Ministry of Power, Government of India.
Earlier as on May 20, 2013, Ministry of Power (MoP), Government of India, had appointed REC Transmission Projects Company (a Wholly Owned Subsidiary of REC), as the Bid Process Coordinator inter alia for the purpose of selection of bidder as Transmission Service Provider to establish 'Transmission System for Northern Region System Strenghthening Scheme, NRSS- XXXI (Part A) and (Part B) through Tariff Based Competitive Bidding Process.
Accordingly, RECTPCL formed two project specific Special Purpose Vehicles (SPVs) namely NRSS- XXXI(A) Transmission and NRSS- XXXI(B) Transmission , as its Wholly Owned Subsidiary Companies, with Authorized and Paid up Capital of Rs 5,00,000 divided into 50,000 Equity Shares of Rs 10 each to be transferred to the Successful Bidder selected through Tariff Based Competitive Bidding Process.
