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New Delhi: The Board of Directors of state-run REC Limited has approved the sale and transfer of a Special Purpose Vehicle (SPV) in Madhya Pradesh to Megha Engineering & Infrastructures Limited (MEIL) and the incorporation of an SPV for a transmission project in the North-East. In a regulatory filing to the stock exchanges on Tuesday, REC said that the decision were taken by the board at a meeting held on December 5.
At the meeting, the board gave its approval the sale and transfer of MP Power Transmission Package-I Limited held by RECPDCL to Megha Engineering & Infrastructures Limited (MEIL), the successful bidder selected through tariff-based competitive bidding process, said the regulatory filing.
The process for the sale and transfer of MP Power Transmission Package-I Limited is expected to be completed during the financial year 2022-23.
The new SPV which will be incorporated will be a wholly-owned subsidiary of REC Power Development & Consultancy Limited (RECPDCL). "… , this is to inform that the Board of Directors of the Company in its meeting held on December 5, 2022 inter-alia approved the following proposals. Incorporation of a project-specific special purpose vehicle (SPV), as wholly-owned subsidiary of REC Power Development & Consultancy Limited (RECPDCL), for the transmission project "North Eastern Region Expansion Scheme-XVI (NERES-XVI)" to be implemented through Tariff Based Competitive Bidding (TBCB) process," said the regulatory filing.
The SPV will also be a subsidiary of REC Limited, in terms of the provisions of Section 2(87) of the Companies Act, 2013, the document added.
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