Bid process coordinator REC Power Development & Consultancy Ltd (RECPDCL) has transferred the project SPV “KPS1 Transmission Ltd” to the successful developer Megha Engineering & Infrastructures Ltd (MEIL).
In a stock exchange notice, REC Ltd, the holding company of RECPDCL, said that RECPDCL has transferred its entire shareholding in “KPS1 Transmission Ltd” along with its assets and liabilities, on April 20, 2023, to MEIL.
On March 30, 2023, RECPDCL announced that MEIL had emerged as the successful bidder, under the tariff-based competitive bidding (TBCB) mechanism, to develop the ISTS project officially termed as “Transmission scheme for injection beyond 3 GW RE (renewable energy) power at Khavda PS1 (KPS1)”. [PS refers to “Pooling Station”]
As already reported by T&D India, the project, taking shape in Gujarat, is expected to be implemented within a period of 24 months from the zero dates, under the build, own, operate & transfer (BOOT) mode, entailing a concession period of 35 years.
According to information available with T&D India, Megha Engineering & Infrastructure currently has three TBCB projects under its fold. Two of them are interstate while one is an intrastate scheme:
- Khandukhal Rampura Transmission Ltd (interstate)
- KPS1 Transmission Ltd (interstate)
- MP Power Transmission Package-I Ltd (intrastate)
Also read: Megha Engineering Wins Interstate Transmission Scheme In TBCB Mode
With effect from April 20, 2023, KPS1 Transmission Ltd is not a subsidiary of RECPDCL and REC, the stock exchange filing by REC said.
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