Rural Electrification Corporation Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 07, 2015, has approved the following :
1. Approved the proposal for incorporation of one project specific Special Purpose Vehicle (SPV), as Subsidiary Company of REC Transmission Projects Company Limited (RECTPCL) for the transmission scheme namely 'System Strengthening Scheme in Northern Region (NRSS-XXXVI)' along with LILO of Sikar- Neemrana 400 kV D/C line at Babai (RRVPNL). 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.
2. Approved the proposal for Sale & Transfer of 50,000 Equity Shares of Maheshwaram Transmission Limited (existing project specific SPV Company of RECTPCL) to successful Bidder i.e. M/s. Sterlite Grid 3 Limited. The Ministry of Power vide its letter dated July 29, 2015 has also conveyed its approval for the above sale & transfer of 50,000 equity shares of MTL to M/s Sterlite Grid 3 Limited. Further, in terms of Section 2(87) of the Companies Act, 2013, M/s. Maheshwaram Transmission Limited is also a subsidiary company of REC.
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