REC Ltd in a stock exchange filing said that it has struck off a project special purpose vehicle (SPV), “Rajgarh III Power Transmission Ltd” from the Register of Companies on January 20, 2026.
The said project SPV was a wholly-owned subsidiary of REC Power Development & Consultancy Ltd, in turn a wholly-owned subsidiary of REC Ltd.
According to information available with tndindia.com, Rajgarh III Power Transmission Ltd was incorporated on December 24, 2024, to develop an interstate transmission system (ISTS) scheme called “Transmission system for evacuation of power from RE projects in Rajgarh (1,500 MW) SEZ in Madhya Pradesh-Phase III.”
RECPDCL was named bid process coordinator for this scheme whose developer was to be selected under the tariff-based competitive bidding (TBCB) mechanism.
However, this scheme was subsequently merged in another ISTS-TBCB scheme, leading to the scrapping of the aforementioned project SPV.
It may be noted that PFC Consulting Ltd (PFCCL) was named bid process coordinator for an ISTS scheme called “Transmission system for evacuation of power from RE projects in Neemuch (1,000 MW) SEZ in Madhya Pradesh-Phase II.”
These two schemes – Phase-III and Phase-II—were to be developed independently. However, in a subsequent meeting of the National Committee on Transmission (NCT), it was decided to merge the two schemes into a new integrated scheme known as “Transmission system for evacuation of power from RE projects in Rajgarh (1,500 MW) SEZ in Madhya Pradesh-Phase III & evacuation of power from RE projects in Neemuch (1,000 MW) SEZ in Madhya Pradesh-Phase II.”
This resulted in the two earlier schemes becoming redundant. [It is further learnt that PFCCL had not incorporated the project SPV for the erstwhile Phase-II scheme before it was merged.]
Integrated scheme: Rajgarh-Neemuch
The integrated scheme is housed under “Rajgarh Neemuch Transmission Ltd” and has since been acquired by G R Infraprojects Ltd (GRIL), under the tariff-based competitive bidding mechanism. The formal transfer of the project SPV, from bid process coordinator RECPDCL to GRIL, took place on September 29, 2025.
The Rajgarh-Neemuch scheme, entailing 650 ckm of transmission lines and 4,000 MVA of transformation capacity is currently under construction. Estimated to cost Rs.3,472 crore, the scheme is envisaged to complete by September 2027 – 24 months from SPV transfer date.
On January 16, 2026, CERC granted transmission licence to Rajgarh Neemuch Transmission Ltd, following the approval and adoption of annual transmission charges (tariff) in December 2025. (Read tndindia.com story dated December 30, 2025)
Note: The “Register of Companies” is an official record of companies maintained by the Registrar of Companies (RoC) that falls under the Ministry of Corporate Affairs.
Featured photograph (source: GRIL) is for representation only