New Delhi, May 30 (PTI) State-owned REC Ltd on Thursday said its arm RECPDCL has handed over two project-specific special purpose vehicles (SPVs) to Power Grid and Techno Electric.

The two project-specific SPVs are Khavda IV-E2 Power Transmission Ltd and NERES XVI Power Transmission Ltd, REC said in a statement.

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"Wholly-owned subsidiary REC Power Development and Consultancy Ltd (RECPDCL) has handed over Khavda IV-E2 Power Transmission Ltd to Power Grid and NERES XVI Power Transmission Ltd to Techno Electric," the company said.

Khavda IV-E2 Power Transmission Ltd and NERES XVI Power Transmission Ltd were formed for the implementation of Inter-State Transmission Schemes of the Ministry of Power for transmission system for evacuation of power, it said.

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The respective transmission service providers were selected through a tariff-based competitive bidding process.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)