REC Ltd Subsidiary, Ananthapuram II Power Transmission Limited, Incorporated for Transmission System Integration
REC Limited has informed about the incorporation of a new wholly owned subsidiary, Ananthapuram II Power Transmission Limited. This new company has been incorporated under REC Power Development and Consultancy Limited (RECPDCL), which is also a wholly owned subsidiary of REC Limited. Ananthapuram II Power Transmission Limited is incorporated to establish a transmission system for integration of Ananthapuram-II REZ- Phase-II (3GW). The company is a related party of REC Limited, and the promoter, promoter group/ group companies do not have any interest in the company except to the extent of its shareholding. The transmission system is in the power sector, and the acquisition is expected to be completed in cash, with REC subscribing to 100% of the equity share capital at face value.
Key Highlights
- REC Limited has incorporated a new wholly owned subsidiary, Ananthapuram II Power Transmission Limited.
- The new company is incorporated under REC Power Development and Consultancy Limited (RECPDCL), another wholly owned subsidiary of REC Limited.
- Ananthapuram II Power Transmission Limited is incorporated for the establishment of a transmission system for integration of Ananthapuram-II REZ- Phase-II (3GW).
- The acquisition is a related party transaction, with REC Limited being the parent company.
- The acquisition is expected to be completed in cash, with REC subscribing to 100% of the equity share capital at face value.