Outcome of board meeting of Rural Electrification Corporation

Held on 15 July 2014

Rural Electrification Corporation announced that in exercise of the powers conferred in by Sub-para 3.2 of Para 3 of the Guidelines circulated under Section 63 of the Electricity Act, 2003, the Central Government, has appointed REC Transmission Projects Company (RECTPCL), a Wholly Owned Subsidiary Company of Rural Electrification Corporation (RECL), to act as Bid Process Coordinator (BPC) for selecting developer as Transmission Service Provider (TSP) for following Transmission Projects through Tariff Based Competitive Bidding:

1. 'Transmission system associated with Gadarwara STPS (2x800 MW) of NTPC (Part - A)';

2. 'Transmission system associated with Gadarwara STPS (2x800 MW) of NTPC (Part - B)';

3. 'Connectivity lines for Maheshwaram (Hyderabad) 765/400kV Pooling S/s';

4. 'Transmission System for LTA of 400 MW for 2x500 MW Neyveli Lignite Corporation Ltd TS-I (Replacement) (NNTPS) in Neyveli'; and

5. Transmission System Strengthening associated with Vindhyachal-V';

To initiate the work relating to BPC, RECTPCL is in the process to incorporate five Project Specific Special Purpose Vehicle (SPV) as its Wholly Owned Subsidiary Company for above mentioned transmission projects. Since RECTPCL is a wholly owned Subsidiary of RECL, the Board of Directors of REC in its 405th Meeting held on 15 July 2014, approved a proposal for incorporation of five Project Specific SPVs as Subsidiary Companies of RECTPCL, which will also be Subsidiary Companies of REC Limited in terms of the provisions of Section 2(87) of the Companies Act, 2013.

Further, these SPVs would be transferred to respective successful bidder to be selected through Tariff Based Competitive Bidding Process as Transmission Service Provider for developing above transmission projects.

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