Power Grid was the successful bidder for evacuation of power from 2x660 MW Jawaharpur Thermal Power Project and construction of 400 kV substation at Firozabad.
REC (earlier known as Rural Electrification Corporation) shares climbed 2.4 percent intraday Monday after the transfer of entire stake in Jawaharpur Firozabad Transmission Limited to Power Grid.
"The entire shareholding of REC Transmission Projects Company Limited (RECTPCL), a wholly owned subsidiary of REC Limited in Jawaharpur Firozabad Transmission Limited, comprising of 50,000 equity shares, have been transferred along with all its assets and liabilities to Power Grid Corporation of India Limited," the state-owned infrastructure finance company said in its filing.
Power Grid was the successful bidder selected through tariff based competitive bidding process for evacuation of power from 2x660 MW Jawaharpur Thermal Power Project and construction of 400 kV substation at Firozabad along with associated transmission lines.
Contribution of the aforesaid SPV to the turnover or revenue or income and net worth of REC, during the last financial year was negligible, the company said, adding from now onwards, the project specific SPV is not subsidiary of RECTPCL & REC.
At 12:33 hours IST, REC was quoting at Rs 111.80, up Rs 2.45, or 2.24 percent on the BSE while Power Grid fell 0.81 percent to Rs 195.30.
