New Delhi, Sep 24 (PTI) State-owned REC on Wednesday said its arm has transferred Davanagere Power Transmission, a project special purpose vehicle (SPV), to Power Grid Corporation of India.

POWERGRID emerged as the top bidder as the transmission service provider through the tariff-based competitive bidding (TBCB) process conducted by REC Power Development and Consultancy Ltd (RECPDCL), the bid process coordinator, for development of the transmission project on a Build, Own, Operate & Transfer (BOOT) basis, according to a statement.

RECPDCL, a wholly owned subsidiary of REC Limited, the Maharatna CPSU under the Power Ministry and an NBFC, handed over a project-specific SPV of ISTS Transmission Project under TBCB route, viz, Davanagere Power Transmission Ltd to Power Grid Corporation of In

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