According to an exchange filing, REC Power's baord has approved the inclusion of a special purpose vehicle (SPV), created for a project, as a wholly owned subsidiary of REC Power Development & Consultancy (RECPDCL), so that the North Eastern region expansion scheme-XVI (NERES-XVI) can be move forward after a bidding process based on competitive tariffs.
The entity to be formed through this amalgamation, will also be an arm of REC, and the sale of of MP power transmission package-I by RECPDCL to Megha Engineering & Infrastructures, has also been cleared. Megha Engineering has been selected through the cometitive bidding process.
