Under Regulation 30 and Schedule III of the SEBI (LODR) Regulations, 2015, RECPDCL hereby notifies that the Board of Directors convened on August 29, 2023, has approved the sale and transfer of the complete shareholding of Beawar Transmission Limited. This shareholding is presently under the ownership of REC Power Development and Consultancy Limited (RECPDCL), a wholly-owned subsidiary of REC.
The recipient of this transfer is M/s Sterlite Grid 27 Limited. This selection follows a rigorous process of Tariff Based Competitive Bidding. The intricate details and subsequent execution of the transfer are anticipated to reach completion during the financial year 2023-24.
It is imperative to underline that the proposition for the sale and transfer of this subsidiary of RECPDCL and REC to the selected bidder adheres strictly to the established framework. Notably, this is not a slump sale. Furthermore, the determination of the consideration for this sale and transfer of Special Purpose Vehicles (SPVs) is in strict accordance with the pertinent Guidelines issued periodically by the Ministry of Power, under the aegis of the Government of India.
This pivotal decision underscores the dynamic landscape of the energy sector and aligns with RECPDCL’s strategic initiatives. The company remains steadfast in its commitment to seamlessly execute the transfer process and uphold the highest standards of transparency and compliance throughout this undertaking.
