REC Limited Incorporates SPV for Maharashtra 220 kV Transmission Project

REC Limited has incorporated a new wholly-owned subsidiary, Kesurdi Power Transmission Limited (KPTL), on July 14, 2026. The entity is a 100% subsidiary of RECPDCL (itself a wholly-owned subsidiary of REC Limited). Key Highlights: Project Context: The incorporation is specifically aligned with a Government of Maharashtra initiative to establish a 220 kV Gas Insulated Substation (GIS) at Kesurdi, District Satara. RECPDCL is acting as the Bid Process Coordinator (BPC) for this project. Financial Structure: KPTL has an authorized and paid-up capital of ₹5 lakh each, fully subscribed in cash at face value. As a newly formed entity, it has not yet commenced operations. Exit Strategy: KPTL is being established as a Special Purpose Vehicle (SPV) to facilitate the Tariff-Based Competitive Bidding (TBCB) process. Upon the selection of a successful bidder, the entire subsidiary, along with its associated assets and liabilities, will be seamlessly transferred to the winning Transmission Service Provider. Strategic Outlook: This is a standard and efficient corporate structuring practice for TBCB transmission projects. By creating a dedicated SPV, REC ensures a clean, hassle-free transfer of the project to the private developer post-bidding, while maintaining strict regulatory compliance and process transparency as the BPC.