REC’s subsidiary REC Power Development and Consultancy Limited (RECPDCL) has incorporated Rajgarh III Power Transmission Limited to handle a transmission project for renewable energy evacuation in Madhya Pradesh’s 1500 MW Rajgarh SEZ, the company said in a press release on the stock exchanges.
The new entity is tasked with overseeing the transmission system for evacuating power from renewable energy projects in the 1500 MW Rajgarh SEZ, Madhya Pradesh, under Phase III.
The Ministry of Power, via a Gazette Notification on December 12, 2024, appointed RECPDCL as the Bid Process Coordinator (BPC) for selecting the successful bidder for the transmission system.
After the selection process, the transmission system will be transferred to the bidder along with all associated assets and liabilities.
Rajgarh III Power Transmission has been incorporated with a paid-up capital of ₹5 lakh and there is no turnover at this stage.
The acquisition was completed with 100% equity subscription at face value, and no related party transactions are involved.
On December 26, 2024, REC Limited’s share price traded 0.92% higher at ₹512.05, at 11:30 AM on the NSE. The stock opened at ₹509.25, lower than ₹507.40 at its previous close.
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