REC transfers transmission arm to PowerGrid

State-run Rural Electrification Corp (REC) today said it has transferred the entire shareholding of its wholly-owned subsidiary to Power Grid Corporation of India following approval from the Power Ministry.

In a BSE filing, the company said, "It is further informed that as per approval of Ministry of Power the entire shareholding of REC Transmission Ltd (a wholly-owned subsidiary of REC) in WR-NR Power Transmission Ltd, comprising of 50,000 equity shares have been transferred along with all its assets and liabilities to Power Grid corporation of India Ltd..."