REC Power Development & Consultancy Limited (RECPDCL), a wholly-owned subsidiary of Rural Electrification Corporation Limited (REC), has announced the transfer of its entire shareholding of Khavda II-A Transmission Limited to Mis Adani Transmission Limited.
The successful bidder, Adani Transmission, was selected through a tariff-based competitive bidding process for the “Transmission scheme for evacuation of 4.5 GW RE injection at Khavda P.S. under Phase-II – Part A”.
The transfer of 50,000 equity shares, including all assets and liabilities, was made at par value after the receipt of consideration comprising of professional fees, interest cost, and reimbursement of expenditure incurred on the project.
The project-specific SPV is no longer a subsidiary of RECPDCL and REC as of March 28, 2023. The move marks Adani Transmission’s latest expansion in the transmission sector.
