REC announced that Ramgarh New Transmission (RNTL), a special purpose vehicle (SPV) and wholly owned subsidiary of REC Power Distribution Company (RECPDCL) which is a wholly owned subsidiary of REC, was incorporated for the purpose of transmission system strengthening scheme for evacuation of power from Solar energy zones in Rajasthan (8.1 GW) under Phase II-Part A, to be transferred to the successful bidder selected through tariff based competitive bidding process (TBCB).
After successful completion of TBCB process, Power Grid Corporation of India emerged as successful bidder for the said project.
Accordingly, after receipt of consideration comprising of professional fee for bid process coordination and reimbursement of expenditure incurred on the project by RECPDCL, interest cost etc., the entire shareholding of RNTL, comprising of 50,000 equity shares, presently held by RECPDCL, was transferred at par value along with all its assets and liabilities on 09 March 2021 to Power Gr
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State-run Power Grid Corporation of India (PGCIL) on Tuesday said it has acquired Ramgarh New Transmission (RNTL), which it has won in a tariff-based competitive bidding.PGCIL, pursuant to its selection as the successful bidder under tariff-based competitive bidding, has on 9 March 2021 acquired RNTL, the project SPV (special purpose vehicle) to establish transmission system strengthening scheme for evacuation of power from solar energy zones in Rajasthan (8.1 GW) under phase II - Part A, on build, own, operate and maintain (BOOM) basis from the bid process coordinator - REC Power Distribution Company.
The transmission system comprises establishment of a new 400/220kV Substation, 400kV DIC Transmission lines and associated Substation extension works in Rajasthan. The transmission system is an inter state transmission system project and is to be completed in 18 months.
Key benchmark indices are trading firm in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 291.76 points or 0.57% at 51,317.24. The Nifty 50 index was up 79.80 points or 0.53% at 15,178.20. Upbeat Asian stocks boosted sentiment.
The S&P BSE Mid-Cap index was up 0.76%. The S&P BSE Small-Cap index was up 0.55%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1375 shares rose and 609 shares fell. A total of 80 shares were unchanged.
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Power Grid Corporation of India rose 0.53%. Power Grid Corporation of India, pursuant to its selection as the successful bidder under Tariff based competitive bidding, has on 9 March 2021 acquired Ramgarh New Transmission (RNTL), the Project SPV to establish Transmission system strengthening scheme for evacuation of power from solar energy zones in Rajasthan (8.1 GW) under phase II - Part A, on build, own, operate and maintain (BOOM) basis
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