REC subsidiary sells two Bikaner power transmission projects to Power Grid
This story was originally published at 21:11 IST on 11 November 2024
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MUMBAI – REC Power Development and Consultancy Ltd., a wholly owned subsidiary of REC Ltd., has sold its entire stake in two subsidiaries to Power Grid Corp. of India Ltd, the company informed the exchanges on Monday. The two projects--Bikaner A Power Transmission Ltd. and Bikaner B Power Transmission Ltd--were sold to Power Grid through a tariff-based bidding process, the company said.
For the two special purpose vehicles, REC Power Development and Consultancy received a total of INR 300 million from Power Grid, as well as a reimbursement of its expenses, the company said.
On Monday, shares of REC closed 2.7% higher at INR 528.35, while those of Power Grid Corp of India ended 4.3% higher at INR 329.80, on the National Stock Exchange. End
Reported by Ashna Mariam George
Edited by Tanima Banerjee
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