REC transfers Gadag Transmission to ReNew Transmission Ventures

REC announced that after receipt of consideration comprising of professional fee for bid process coordination, interest cost and reimbursement of expenditure incurred on the project by REC Power Development & Consultancy (RECPDCL), wholly owned subsidiary of REC, the entire shareholding of Gadag Transmission, comprising of 50,000 equity shares, presently held by RECPDCL, has been transferred at par value along with all its assets and liabilities on 17 March 2022 to ReNew Transmission Ventures, the successful bidder selected through tariff based competitive bidding process, for development of 'Transmission scheme for Solar Energy Zone in Gadag (2500 MW), Karnataka - Part A'.

Hence, with effect from the aforesaid date, the above project specific SPV is not a subsidiary of RECPDCL & REC.

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