REC to incorporate SPV
20th Mar 2019

Rural Electrification Corporation (REC) has received an approval for incorporation of a Project Specific Special Purpose Vehicle (SPV), as Wholly Owned Subsidiary Company of REC Transmission Projects Company for ‘Construction of 765/ 400/ 220 kV GIS substation, Rampur and 400/ 220/ 132 kV GIS substation, Sambhal with associated transmission lines’ allocated by UPPTCL to be implemented through tariff based competitive bidding route. The Board of Directors of the company at its meeting held on March 20, 2019, approved the same.

The company to be incorporated will also be a subsidiary company of REC, in terms of the provisions of Section 2(87) of the Companies Act, 2013.

REC is engaged in providing financial assistance to state electricity boards, state government departments and rural electric co-operatives for rural electrification projects as are sponsored by them.