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REC transfers shareholding in Beawar Transmission to Sterlite Grid 27

Sep 21, 2023

By: BlinkX Research Team

On 20 September, REC Power Development and Consultancy Limited (RECPDCL), a division of REC Limited, transferred its shareholding of Beawar Transmission Limited, a project-specific Special Purpose Vehicle (SPV), to Sterlite Grid 27 Limited. 

The transfer is part of India's 500 GW renewable energy plan. The SPV is in charge of building the 765/400 kV sub-station at Beawar, Rajasthan, as well as the state's 765 kV double circuit and connected 400 kV line. The initiative, which expects to be finished in 18 months, is intended to remove renewable energy from Rajasthan's Renewable Energy Zones. 

RECPDCL's Tariff Based Competitive Bidding (TBCB) process resulted in the selection of Sterlite Grid 27 Limited. The bidding process complied with the standard bidding documents and guidelines as notified by the ministry of power. 

The SPV was presented to Tatimakula Amarendranath Reddy, Executive Vice President of Sterlite Grid 27, by V.K. Singh, Director (Projects) of REC Limited and Director of RECPDCL. The CEO of RECPDCL, Rajesh Kumar, the CGM of CTUIL, Jasbir Singh, and other representatives from RECPDCL, CTUIL, and Sterlite were present at the ceremony. With this transfer, RECPDCL has now turned over 53 transmission projects in total, totaling roughly Rs 72170 crore.

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