Rural Electrification Corporation to set up SPVs for 3 transmission projects
28 Mar 2011
REC Transmission Projects Company Ltd (RECTPCL), a wholly owned subsidiary of Rural Electrification Corporation (REC Ltd), is setting up three special purpose vehicles as the bid process coordinator (BPC) for three transmission projects of REC.
REC is in the process of setting up a transmission systems associated with independent power producers (IPPs) of Vemagiri Area, REC said in filing with the Bombay Stock Exchange (BSE).
The projects include the Vemagiri Pooling Station-Khammam 765 kV 1xD/C (1st ckt) line and the Khamam-Hyderabad 765 kV D/C (1st ckt) line;
The second transmission system in the Vemagiri area involves construction of the Vemagiri pooling station-Khammam 765 kV 1xD/C (2nd ckt) line and the Khamam-Hyderabad 765 kV D/C (2nd ckt) line.
The third transmission system associated with IPPs of Vemagiri area include the Wardha-Jabalpur pooling station 765 kV 1xD/C line.
RECTPCL is in the process of incorporating three special purpose vehicles (SPVs) as its wholly owned subsidiaries for each of these transmission projects.
Since RECTPCL is a wholly owned subsidiary of REC, the board of REC has also approved the proposal of incorporation of three SPVs as subsidiary companies of RECTPCL, which will also be subsidiaries of REC Ltd in terms of the provisions of Section 4(1) (c) of the Companies Act, 1956, the release said.
