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Incorporation of a Project Specific Purpose Vehicle (SPV), as Subsidiary Company of Rural Electrification Corporation Limited.

| Updated on November 18, 2011 Published on November 18, 2011

Rural Electrification Corporation Ltd has informed BSE that in exercise of the powers conferred in by Sub-para 3.2 of Para 3 of the Guidelines circulated under Section 63 of the Electricity Act, 2003, the Central Government, has appointed REC Transmission Projects Company Limited (RECTPCL), a Wholly Owned Subsidiary Company of Rural Electrification Corporation Limited (RECL), to act as Bid Process Coordinator (BPC) for Transmission Project namely Package C: Evacuation System for Vizag-Vemagiri Projects-Hinduja (1040 MW): Transmission Scheme (a) Generation switchyard-Vemagiri-II Pooling Station 400 kV D/C (Quad) line; and (b) Khamam (new) - N Sagar 400 kV D/C line.

To initiate the work relating to BPC, RECTPCL is in the process to incorporate a Project Specific Special Purpose Vehicle (SPV) as its Wholly Owned Subsidiary Company for above mentioned transmission project. Since RECTPCL is a wholly owned Subsidiary of RECL, the Board of Directors of REC Limited in its 380th Meeting held on November 10, 2011, approved a proposal for incorporation of a Project Specific SPV as Subsidiary Company of RECTPCL. which will also be a Subsidiary Company of REC Limited in terms of the provisions of Section 4(1) (c) of the Companies Act, 1956.

Source : BSE - >www.bseindia.com

Published on November 18, 2011
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