New Delhi: State-owned REC Limited said in a regulatory filing on Wednesday that its wholly-owned subsidiary, REC Power Development & Consultancy Limited (RECPDCL) transferred the entire shareholding of six SPVs to Power Grid on March 21. Further, it added that Power Grid emerged as a successful bidder in the tariff-based competitive bidding process.
The SPVs namely, Khavda II-B Transmission Limited, Khavda II-C Transmission Limited, Khavda RE Transmission Limited, KPS2 Transmission Limited, KPS3 Transmission Limited, and ERWR Power Transmission Limited have been transferred to Power Grid. "Hence, with effect from the aforesaid date, the project-specific SPVs are not subsidiaries of RECPDCL and REC," said the filing.
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