New Delhi: REC Ltd on Monday got approval from its board for sale and transfer of its three step-down subsidiaries--Rampur Sambhal Transco Ltd, Lakadia Banaskantha Transco Ltd and Jam Khambaliya Transco Ltd--to Power Grid Corp of India Ltd and Adani Transmissions Ltd.
While Rampur Sambhal Transco will be sold to Power Grid, Adani Transmission will take over Lakadia Banaskantha Transco and Jam Khambaliya Transco, the company said in a press release.
The acquisitions have been made for an undisclosed amount.
Both Power Grid and Adani Transmission were chosen as successful bidders, selected through a tariff-based competitive bidding process.
Rampur Sambhal Transco, Lakadia Banaskantha Transco and Jam Khambaliya are all project specific special purpose vehicles incorporated by REC Transmission Projects Co Ltd, a subsidiary of REC.
On Friday, shares of REC ended 4.8% higher at 130.50 rupees on the National Stock Exchange.
