GURURGRAM, 7th APRIL, 2024 (TGN): REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of REC Limited — the Maharatna CPSU under the aegis of Ministry of Power & a leading NBFC, handed over its project specific SPV (Special Purpose Vehicle) – Meerut Shamli Power Transmission Limited formed for “Construction of Meerut (765 kV) – Shamli 400 kV D/C Line” in the state of Uttar Pradesh to M/s Megha Engineering & Infrastructures Limited.
M/s Megha Engineering & Infrastructures Limited (MEIL) had emerged as the successful bidder in the Tariff-based Competitive Bidding (TBCB) process conducted by RECPDCL for the intra-state transmission project of Govt. of Uttar Pradesh.
RECPDCL acted as the Bid Process Coordinator on behalf of Uttar Pradesh Power Transmission Corporation Limited.
The SPV was handed over to MEIL in presence of Shri Satybaan Sahoo, General Manager (Engg.), RECPDCL and other officials from RECPDCL & UPPTCL.
About RECPDCL: REC Power Development and Consultancy Limited, RECPDCL, a wholly owned subsidiary of REC Limited, has been providing knowledge based consultancy and expert project implementation services to more than 50 State power distribution companies/Power Departments of States. RECPDCL has been acting as Bid Process Coordinator (BPC) for Tariff Based Competitive Bidding (TBCB) in Transmission Line Projects & RE-Bundling projects. Under PMDP projects RECPDCL has been executing critical infrastructure upgradation projects in distribution and transmission sectors in the UT of J&K and Ladakh. RECPDCL with its expert consulting, project implementation and transaction advisory services is thus playing a key role across the power sector value chain of the country.
About REC: REC is a ‘Maharatna’ CPSE under the Ministry of Power, and is registered with RBI as Non-Banking Finance Company (NBFC), and Infrastructure Financing Company (IFC). REC is financing the entire Power-Infrastructure sector comprising Generation, Transmission, Distribution, Renewable Energy and new technologies like Electric Vehicles, Battery Storage, Pumped Storage projects, Green Hydrogen, Green Ammonia projects etc. Recently, REC has also diversified into the Non-Power Infrastructure sector comprising Roads & Expressways, Metro Rail, Airports, IT Communication, Social and Commercial Infrastructure (Educational Institution, Hospitals), Ports and Electro-Mechanical (E&M) works in respect of various other sectors like Steel, Refinery, etc. REC Ltd. provides loans of various maturities to State, Central and Private Companies for creation of infrastructure assets in the country. REC Ltd. continues to play a key strategic role in the flagship schemes of the Government for the power sector and has been a nodal agency for Pradhan Mantri Sahaj Bijli Har Ghar Yojana (SAUBHAGAYA), Deen Dayal Upadhaya Gram Jyoti Yojana (DDUGJY), National Electricity Fund (NEF) Scheme which resulted in strengthening of last mile distribution system, 100% village electrification and household electrification in the country. REC has also been made the nodal agency for certain States and Union Territories for the Revamped Distribution Sector Scheme (RDSS). REC has also been given the responsibility of PM Surya Ghar Muft Bijli Yojna from Central Government. The loan book of REC stands at Rs 4.97 Lakh Crore and Net Worth at Rs. 64,787 crores as on 31st Dec, 2023.
