REC transfers 50,000 equity shares of NRSS XXXI (A) Transmission to PGCIL

Rural Electrification Corporation (REC) has transferred 50,000 equity shares of NRSS XXXI (A) Transmission held by REC Transmission Projects Company (RECTPCL), a wholly owned subsidiary of REC, and its nominees, along with all assets and liabilities of the company to Power Grid Corporation of India (PGCIL) and their nominees, on May 12, 2014, substantially upon the terms & conditions as detailed in the Share Purchase Agreement (SPA) executed between the RECTPCL, NRSS XXXI (A) Transmission and PGCIL, for establishment of Transmission System for Northern Region System Strengthening Scheme, NRSS XXXI (Part A). The company has taken this step after receiving approval from the Ministry of Power vide their letter dated April 22, 2014. The company has also transferred 50,000 equity shares of NRSS XXXI (B) Transmission held by RECTPCL and its nominees, along with all assets and liabilities of the company to Essel Infraprojects (EIL) and their nominees, on May 12, 2014, substantially upon the terms & conditions as detailed in the SPA executed between the RECTPCL, NRSS XXXI (B) Transmission and Essel Infraprojects, for establishment of Transmission System for Northern Region System Strengthening Scheme, NRSS XXXI (Part B). REC is engaged in providing financial assistance to state electricity boards, state government departments and rural electric co-operatives for rural electrification projects as are sponsored by them.