State-owned REC Ltd board has approved a proposal for subscribing 50 per cent equity not exceeding Rs 50 crore in PFC Projects, a power asset management company for taking over stressed assets.
As per a BSE filing, PFC Projects is a 50:50 joint venture company with the PFC for taking over stressed/NPA (bad loan) assets in the power sector, subject to requisite approvals.
The REC board in a meeting on August 4, 2022, approved a proposal for the subscription of 50 per cent equity shareholding not exceeding Rs 50 crore in PFC Projects Ltd (in the Power Asset Management Company), the filing said.
The board also approved the proposal for the sale and transfer of Neemuch Transmission Limited to M/s Power Grid Corporation of India Ltd, the successful bidder selected through a tariff-based competitive bidding process.
The board also approved the incorporation of a project-specific special purpose vehicle (SPV), as a wholly-owned subsidiary of REC Power Development & Consultancy Limited (RECPDCL), for the selection of successful bidders for the implementation of the three projects allocated by the Ministry of Power through tariff-based competitive bidding process.
Firstly, it would be for ISTS (Inter-state transmission system) in Network Expansion Scheme in western and southern regions for export of surplus power during high RE (renewable energy) scenario in the southern region.
The second SPV will be for the transmission system for evacuation of power from the Luhri Stage-I hydroelectric project and the third will be for Inter-regional ER-WR (Eastern Region-Western Region) Interconnection.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app