REC Ltd launches wholly-owned subsidiary for Renewable Energy Projects in MP

State-owned REC on Wednesday said it has formed a subsidiary to evacuate power from renewable energy projects in Madhya Pradesh. Rajgarh III Power Transmission Limited has been incorporated as a wholly-owned subsidiary of its wholly-owned arm REC Power Development and Consultancy Limited (RECPDCL) on Wednesday, REC said in an exchange filing.

Rajgarh III Power Transmission Limited is a related party of REC Limited. The promoter and promoter group/ group companies do not have any interest in the new entity, except to the extent of their shareholding, the company added.

The company has been incorporated as a Transmission System for the Evacuation of Power from RE Projects in Rajgarh (1500 MW) SEZ in Madhya Pradesh-Phase III. "After selection of the successful bidder in accordance with the Tariff Based Competitive Bidding (TBCB) guidelines, the company would be transferred to the successful bidder, along with all assets and liabilities," it said.

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