The REC Board approved the formation of a project-specific special purpose vehicle (SPV) as a 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 the Tariff Based Competitive Bidding (TBCB) process.
According to Section 2(87) of the Companies Act of 2013, the proposed Company will also be a subsidiary of REC.
The Board also authorised the sale of RECPDCL’s MP Power Transmission Package-I to M/s Megha Engineering & Infrastructures, the successful bidder in the Tariff Based Competitive Bidding process.