REC Board okays incorporation of SPV for setting up transmission network

New Delhi: State-owned REC Limited said in a regulatory filing on Saturday that its board has approved the incorporation of project-specific special purpose vehicle (SPV) as a wholly-owned subsidiary of REC Power Development and Consultancy Limited. Further, the filing noted that the SPV was incorporated for "Transmission System for Evacuation of power from RE projects in Rajgarh 1,000 MW SEZ in Madhya Pradesh-Phase II" Inter-State Transmission projects to be implemented through TBCB process.

The filing also noted that the proposed SPV will also act as a subsidiary company of the REC Limited.

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