REC posts 34 pc jump in Q4 net profit at Rs 4,016 crore
REC has declared a final dividend of Rs 5 per equity share and the total dividend for FY 2023-24 now works out to Rs 16 per equity share.
The way has been cleared for starting work on the inter- state power transmission project in the Kallam area of Maharashtra which forms part of the Western Region Network Expansion Scheme, the Ministry of Power announced on Saturday.
The special purpose vehicle (SPV) Kallam Transco Limited that has been formed for setting up the project has been handed over to M/s Indigrid 2 Limited & Indigrid 1 Limited (consortium), the successful bidder for the project.
The bidding process was carried out by REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of public sector finance giant REC Limited.
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Another power transmission project for which Tata Power Company Limited was the successful bidder was cleared for Uttar Pradesh. SPV Jalpura Khurja Power Transmission Limited has been formed for the construction of 400/220 kV, 2×500 MVA GIS substation Metro Depot (Greater Noida) with associated lines and 400/220 kV, 2×500 MVA GIS substation Jalpura, according to the Ministry’s statement.
The SPVs were handed over to the successful bidders on April 5, 2024, in the presence of CEO, RECPDCL Rajesh Kumar and senior officials of REC Limited, Central Transmission Utility of India Limited and Uttar Pradesh Power Transmission Corporation Limited.
RECPDCL was the bid process coordinator for both the projects, being executed through tariff-based bidding process.
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