REC Hands Over SPVs to Power Grid, Techno Electric

New Delhi, May 30 (PTI) State-owned REC Ltd on Thursday said its arm RECPDCL has handed over two project-specific special purpose vehicles (SPVs) to Power Grid and Techno Electric.

The two project-specific SPVs are Khavda IV-E2 Power Transmission Ltd and NERES XVI Power Transmission Ltd, REC said in a statement.

"Wholly-owned subsidiary REC Power Development and Consultancy Ltd (RECPDCL) has handed over Khavda IV-E2 Power Transmission Ltd to Power Grid and NERES XVI Power Transmission Ltd to Techno Electric," the company said.

Khavda IV-E2 Power Transmission Ltd and NERES XVI Power Transmission Ltd were formed for the implementation of Inter-State Transmission Schemes of the Ministry of Power for transmission system for evacuation of power, it said.

The respective transmission service providers were selected through a tariff-based competitive bidding process.