Power Grid acquires REC's Unchahar transmission system project

NEW DELHI: Central transmission utility Power Grid Corporation has acquired Unchahar Transmission Limited from another public sector firm REC for building the transmission system for the Unchahar thermal power plant in Uttar Pradesh.

"Power Grid Corporation has acquired Unchahar Transmission Limited, the Special Purpose Vehicle to establish the transmission system for Unchahar thermal power station on build, own, operate and maintain basis from REC Transmission Projects Company Limited," the state-run firm said in a stock exchange filing.

In an another announcement, Rural Electrification Corporation said that 50,000 equity shares of Unchahar Transmission Limited, held by REC Transmission Projects Company Limited (a wholly-owned subsidiary of REC) have been transferred along with all assets and liabilities to Power Grid Corp.