NEW DELHI: Sterlite Power on Friday said it has acquired Beawar Transmission Ltd for developing an electricity transmission project in Rajasthan.
Beawar Transmission is a Special Purpose Vehicle (SPV) of REC Power Development and Consultancy Ltd. The SPV was awarded to Sterlite Power through tariff-based competitive bidding in August, a company statement said.
“Sterlite Power announces the acquisition of Beawar Transmission Ltd from REC Power Development and Consultancy Ltd, a wholly owned subsidiary of REC Ltd,” it said. The company did not share the financial details of the acquisition.
Through the Beawar Transmission Ltd, the company will build the Green Energy Corridor project on Build, Own, Operate, Transfer (BOOT) basis, for a period of 35 years, as per the statement.