REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of REC Limited, has handed over project specific special purpose vehicle (SPV), Madhya Pradesh (MP) Power Transmission Package I Limited, to Megha Engineering and Infrastructures Limited (MEIL).
With this, the entire shareholding of Madhya Pradesh Power Transmission Package I, comprising of 50,000 equity shares, presently held by RECPDCL, has been transferred at par value along with all its assets and liabilities to MEIL. With this, the project specific SPV is no longer a subsidiary of RECPDCL and REC. MEIL was selected as the successful bidder through tariff based competitive bidding process for Development of Intra-State Transmission Work in Madhya Pradesh through Tariff Based Competitive Bidding: PACKAGE–I.