SPV: REC's subsidiary RECPDCL hands over 'Neemuch Transmission Ltd' to Power Grid

Gurugram: REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of REC Limited, a NBFC Navratna PSU CPSU under the aegis of Ministry of Power, handed over the project specific SPV (Special Purpose Vehicle) formed for construction of Transmission Project viz., 'Neemuch Transmission Limited' to PowerGrid Corporation of India Limited on Wednesday.

Power Grid Corporation of India Limited emerged as the successful bidder of the Inter-State Transmission Project of Ministry of Power, Government of India and RECPDCL as the Bid Process Coordinator.

The SPV has been handed over by R Lakshmanan, CEO, RECPDCL & T S C Bosh, ED & Jt. CEO, RECPDCL to A K Singhal, Executive Director from M/s Power Grid Corporation of India Limited in the presence of other senior officials of RECPDCL, PGCIL & CTUIL.

The selection of Power Grid Corporation of India Limited was carried out through Tariff Based Competitive Bidding (TBCB) for selection of Transmission Developers in line with the Standard Bidding Documents and Guidelines thereof as notified by Ministry of Power, Government of India.

The work involves establishment of 2X500 MVA, 400/220 kV Pooling Station (AIS) at Neemuch and around 277 Kms of 400 kV double circuit transmission lines. The project is targeted for implementation in 18 months.

With the handing over of the above SPV, RECPDCL has thus far successfully handed over cumulatively 40 transmission projects costing around Rs 54,300 crores.