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Rural Electrification Corp Ltd's REC Transmission Projects Company Limited Announces Sale And Transfer Of Equity Shares Of Vizag Transmission Limited To M/s Power Grid Corporation of India Ltd


Tuesday, 3 Sep 2013 07:10am EDT 

Rural Electrification Corp Ltd announced that with reference to the announcement made earlier, the Company now announced that the REC Transmission Projects Company Limited (RECTPCL) a 100% Subsidiary of REC Limited has transferred its wholly owned subsidiary, namely Vizag Transmission Limited (VTL) incorporated for establishment of Transmission System for System Strengthening in Southern Region for import of power from Eastern Region to M/s Power Grid Corporation of India Limited, bidder selected through Tariff Based Competitive Bidding Guidelines for Transmission services issued of Ministry of Power, Govt. of India, substantially upon the terms & conditions as detailed in the Share Purchase Agreement executed between the RECTPCL, VTL and M/s Power Grid Corporation of India Limited. RECTPCL has received an acquisition price of INR154,197,875 from M/s Power Grid Corporation of India Limited towards acquisition of VTL along with its all assets and liabilities. 

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