The board of directors of state-owned REC Ltd. has approved the sale and transfer of WRSR Power Transmission Ltd. to Adani Transmission Ltd. According to REC Ltd, Adani Transmission was chosen for the project through a tariff-based competitive bidding process.
REC Power Development and Consultancy Ltd. (RECPDCL), a wholly-owned subsidiary of REC, currently owns WRSR Power Transmission. The process of selling and transferring the SPV to Adani Transmission is expected to be completed this fiscal year.
REC is a public-sector power infrastructure undertaking under the power ministry. It finances and promotes various power transmission projects throughout the country. At its meeting, the REC board of directors approved the formation of a project-specific special purpose vehicle as a wholly owned subsidiary of RECPDCL for the transmission project North Eastern Region Expansion Scheme-XVI (NERES-XVI). The board also approved the sale of RECPDCL’s MP Power Transmission Package-I to Megha Engineering and Infrastructures.