REC Transfers 100% Equity of Vemagiri II Project to Power Grid

New Delhi: Rural Electrification Corp on Friday said that its arm RECTPCL has transferred 100 per cent equity shares of Vemagiri II Transmission Ltd to Power Grid Corp along with all assets and liabilities of the company.

State-run Power Grid Corp had bagged the Vemagiri-II transmission project through tariff-based competitive bidding recently. The Vemagiri II Transmission Ltd was created to implement the project.

The auction of project was conducted by REC Transmission Projects Company Ltd (RECTPCL) which is a wholly-owned subsidiary of Rural Electrification Corp.

"100 per cent Equity Shares of Vemagiri II Transmission Ltd incorporated for strengthening of transmission system beyond Vemagiri, held by RECTPCL and its nominees, have been transferred along with all assets and liabilities to Power Grid Corp and their nominees, on December 4, 2015," Rural Electrification Corp has said in a BSE filing on Friday.