REC: Sale And Transfer Of ER-NER Transmission Limited Wholly Owned Subsidiary Of RECPDCL And Also Of REC.

In continuation of our earlier letter dated September 15 2022 on above cited subject it is informed that after receipt of consideration comprising of professional fees of Bid Process Coordination interest cost and reimbursement of expenditure incurred on the project by REC Power Development & Consultancy Limited (RECPDCL) wholly owned subsidiary of REC the entire shareholding of ER-NER Transmission Limited comprising of 50 000 equity shares presently held by RECPDCL has been transferred at par value along with all its assets and liabilities on October 10 2022 to M/s Power Grid Corporation of India Limited the successful bidder selected through tariff based competitive bidding process for development of Transmission System for evacuation of power from ER-NER SEZ.Hence with effect from the aforesaid date the above project specific SPV is not a subsidiary of RECPDCL & REC.