REC transfers two transmission projects to Power Grid

State-run Rural Electrification Corporation today said it has transferred two transmission projects to Power Grid Corporation of India.

REC Transmission Projects, a wholly-owned subsidiary of REC formed two project specific special purpose vehicles (SPVs) -- Gadarwara (A) Transco Ltd and Gadarwara (B) Transmission Ltd -- to establish two transmission projects.

Power Grid emerged as the successful bidder for these two transmission projects, REC said in a regulatory filing to BSE.

The two SPVs have been transferred to Power Grid, the filing added.

Shares of REC closed at Rs 322.05, down 0.14 per cent on the BSE.