REC Power Development and Consultancy Ltd., a wholly owned subsidiary of REC Ltd., handed over the entire shareholding of its project-specific special purpose vehicle—Meerut Shamli Power Transmission Ltd.—to Megha Engineering and Infrastructures Ltd.
The SPV Meerut Shamli Power Transmission, comprising 50,000 equity shares, was formed for the construction of Meerut (765 kV)–Shamli 400 kV D/C Line in Uttar Pradesh, according to its exchange filing issued on Sunday.
On April 6, REC Power transferred its full ownership stake in Meerut Shamli Power to Megha Engineering. The transfer occurred at the same nominal value, inclusive of all assets and liabilities, according to the filing.
Megha Engineering had emerged as the successful bidder in the tariff-based competitive bidding process, conducted by REC Power Development for the intrastate transmission project of government of Uttar Pradesh.
REC Power Development acted as the bid process coordinator on behalf of Uttar Pradesh Power Transmission Corp.
