Bid process coordinator REC Power Development & Consultancy Ltd (RECPDCL) has proposed to strike off a wholly-owned subsidiary that was incorporated to act as a project SPV of an ISTS-TBCB scheme that has since been de-notified.
In a stock exchange filing, REC Ltd, the holding company of RECPDCL, that the REC board that met on June 4, 2025, has proposed to strike off a project SPV “Rajgarh III Power Transmission Ltd” subject to receipt of statutory clearances.
The development follows de-notification of the ISTS-TBCB scheme by the Union power ministry.
Here is a detailed account:
In its meeting held on October 23, 2024, the National Committee on Transmission (NCT) recommended RECPDCL to act as the bid process coordinator (BPC) for an ISTS-TBCB scheme termed as “Transmission system for evacuation of power from RE projects in Rajgarh (1,500 MW) SEZ in Madhya Pradesh – Phase III.” This scheme was notified by the Union power ministry on December 12, 2024.
Accordingly, RECPDCL, on December 24, 2024, incorporated “Rajgarh III Power Transmission Ltd” as its wholly-owned subsidiary that would act as the project SPV for the ISTS-TBCB scheme.
NCT, in a subsequent meeting held on January 6, 2025, recommended that the above scheme be clubbed with another ISTS-TBCB scheme termed as “Transmission system for evacuation of power from RE projects in Neemuch (1,000 MW) SEZ in Madhya Pradesh – Phase II.”
It may be mentioned that the Neemuch – Phase II scheme was also approved by NCT in its meeting of October 23, 2024 and it was notified by the Union power ministry on December 12, 2024 – identical to the Rajgarh – Phase III scheme. PFC Consulting Ltd (PFCCL) was appointed as BPC for the Neemuch – Phase II scheme and PFCCL had even selected the technical consultant for the project in December 2024.
Both the Rajgarh – Phase III and Neemuch – Phase II schemes were eventually de-notified by the Union power ministry, on March 18, 2025.
Clubbed scheme
The clubbed scheme incorporating both the originally-independent schemes was termed as “Transmission system for evacuation of power from RE projects in Rajgarh (1,500 MW) SEZ in Madhya Pradesh – Phase III and Transmission system for evacuation of power from RE projects in Neemuch (1,000 MW) SEZ in Madhya Pradesh – Phase II” and RECPDCL was appointed as its BPC. With an estimated cost of Rs.3,472 crore, the project has a gestation period of 24 months from the date of transfer of project SPV to the successful bidder.
Non-availability of land
The reason for clubbing the two schemes was non-availability of required land adjacent to the Pachora Pooling Station, with the existing developer. Under the clubbed version, the incumbent developer will approach Rewa Ultra Mega Solar Ltd (RUMSL) that has in its possession around 8 acres of land near the Pachora PS. The developer will also get land, to the extent available, from the existing developers of the Pachora PS and Neemuch PS.
Current status
RECPDCL has begun the bidder selection process of the clubbed scheme, and by current timelines, the initial price bids of technically qualified bidders are expected to be opened on June 23, 2025. RECPDCL expects to transfer the project SPV to the successful bidder by July 12, 2025. (The project SPV of the clubbed scheme is yet to be incorporated as per information available with T&D India.)
Project elements
The clubbed scheme, taking shape entirely in Madhya Pradesh, involves around 850 ckm of 400kV lines and a new 400/220kV, 2×500 MVA substation at Handiya. Besides, supporting infrastructure like bus reactors, line bays, bus sections, etc will be developed at existing/upcoming substations in Madhya Pradesh, including Pachora, Rajgarh and Neemuch.
Also read: RECPDCL transfers four SPVs of ISTS-TBCB schemes to winning developers, PGCIL gets three
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