REC Incorporates 3 Transmission SPVs as Units

New Delhi: State-run Rural Electrification Corporation (REC) on Tuesday said it has formed three subsidiaries with a focus on three of its power transmission projects.

"REC Transmission Projects, an arm of REC, has incorporated three project specific Special Purpose Vehicles (SPVs) as its subsidiaries," REC said in a filing to the BSE.

The three SPVs - Vemagiri II Transmission Limited, NER II Transmission Limited and Alipurduar Transmission Limited - have been absorbed as subsidiaries of REC Transmission Projects.

The transmission projects or schemes include strengthening of the transmission system beyond Vemagiri and of the transmission system in the Indian system for transfer of power from new hydroelectric plants in Bhutan.

Shares in REC, on Tuesday, ended at Rs 323.60 apiece on the BSE, down 0.45 pper cent from the previous close.