Creation of SPV for specific project approved by REC Power's board

The sale of of MP power transmission package-I by RECPDCL to Megha Engineering & Infrastructures, has also been cleared.

FPJ Web DeskUpdated: Tuesday, December 06, 2022, 09:32 PM IST
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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.

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