Latest news with #TransmissionSystem
Mint
3 days ago
- Business
- Mint
REC board approves raising ₹1.55 lakh crore via bonds
Rural Electrification Corporation (REC), a state-owned firm, informed investors through an exchange filing today that its Board of Directors has approved a proposal to raise funds through the private placement of unsecured/secured non-convertible bonds/debentures of up to ₹ 1,55,000 crore, subject to shareholders' approval at the ensuing Annual General Meeting. The company said the funds will be raised in one or more tranches over a period of one year from the date of the shareholders' resolution, with the approval of the competent authority. In addition to approving the fundraising plan, the board also approved a proposal to strike off an SPV, namely Rajgarh II Power Transmission Limited, a wholly owned subsidiary of REC Power Development and Consultancy Limited (RECPDCL), which is itself a wholly owned subsidiary of REC, subject to requisite clearances, concurrences, or approvals from statutory/administrative authorities, wherever required. REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of REC, had set up a special purpose vehicle (SPV) named Rajgarh III Power Transmission Limited to implement the 'Transmission System for Evacuation of Power from RE Projects in Rajgarh (1500 MW) SEZ in Madhya Pradesh – Phase III,' as recommended by the National Committee on Transmission (NCT). The SPV was formed under the Tariff Based Competitive Bidding (TBCB) guidelines to carry out the bidding process. However, the company said that NCT later recommended clubbing the Rajgarh Phase III project with another transmission project. Following this, the Ministry of Power de-notified the Rajgarh Phase III project via a notification dated March 18, 2025. As a result, since the SPV no longer has any operational purpose, RECPDCL has proposed to strike off Rajgarh III Power Transmission Limited. The company's shares have continued to remain under pressure for the past 10 months, losing 38% of their value, falling from ₹ 644 apiece to the current level of ₹ 400. Between March 2023 and July 2024, however, the stock witnessed a one-way rally without any pullback, delivering a massive return of 465% to shareholders. For the quarter ended March, the company reported a 5.6% year-on-year (YoY) increase in its consolidated net profit at ₹ 4,309 crore, while net interest income (NII) rose 38% YoY to ₹ 5,877 crore, compared to ₹ 4,273 crore in the corresponding quarter of the previous fiscal.
Mint
3 days ago
- Business
- Mint
REC board approves raising ₹1.55 lakh crore via bonds
Rural Electrification Corporation (REC), a state-owned firm, informed investors through an exchange filing today that its Board of Directors has approved a proposal to raise funds through the private placement of unsecured/secured non-convertible bonds/debentures of up to ₹ 1,55,000 crore, subject to shareholders' approval at the ensuing Annual General Meeting. The company said the funds will be raised in one or more tranches over a period of one year from the date of the shareholders' resolution, with the approval of the competent authority. In addition to approving the fundraising plan, the board also approved a proposal to strike off an SPV, namely Rajgarh II Power Transmission Limited, a wholly owned subsidiary of REC Power Development and Consultancy Limited (RECPDCL), which is itself a wholly owned subsidiary of REC, subject to requisite clearances, concurrences, or approvals from statutory/administrative authorities, wherever required. REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of REC, had set up a special purpose vehicle (SPV) named Rajgarh III Power Transmission Limited to implement the 'Transmission System for Evacuation of Power from RE Projects in Rajgarh (1500 MW) SEZ in Madhya Pradesh – Phase III,' as recommended by the National Committee on Transmission (NCT). The SPV was formed under the Tariff Based Competitive Bidding (TBCB) guidelines to carry out the bidding process. However, the company said that NCT later recommended clubbing the Rajgarh Phase III project with another transmission project. Following this, the Ministry of Power de-notified the Rajgarh Phase III project via a notification dated March 18, 2025. As a result, since the SPV no longer has any operational purpose, RECPDCL has proposed to strike off Rajgarh III Power Transmission Limited. The company's shares have continued to remain under pressure for the past 10 months, losing 38% of their value, falling from ₹ 644 apiece to the current level of ₹ 400. Between March 2023 and July 2024, however, the stock witnessed a one-way rally without any pullback, delivering a massive return of 465% to shareholders. For the quarter ended March, the company reported a 5.6% year-on-year (YoY) increase in its consolidated net profit at ₹ 4,309 crore, while net interest income (NII) rose 38% YoY to ₹ 5,877 crore, compared to ₹ 4,273 crore in the corresponding quarter of the previous fiscal. Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
Business News Wales
21-05-2025
- Automotive
- Business News Wales
Bilfinger UK Secures National Gas Contract in South Wales
Bilfinger UK has secured a contract with National Gas which will play a vital role in maintaining gas flow along the National Transmission System (NTS) in South Wales. The contract will create up to 100 jobs, with Bilfinger UK undertaking the role of Principal Designer and Principal Contractor at key locations. Compressor stations are strategically located at intervals along the NTS to maintain the flow of gas. Each station comprises two or more compressor units that pressurise and direct gas through the NTS, ensuring it moves at speeds of up to 25 mph (40 km/h). As part of the Control System Refurbishment Project, funded by Ofgem, Bilfinger will undertake a multi-disciplinary design and construction programme including the design and manufacture of panels, whilst also operating as Principal Contractor ensuring the highest standards of safety and performance. Bilfinger UK has been engaged in a further three-year programme of works, having already been involved in Front End Engineering Design (FEED) works for two years. This contract follows a two-stage approach, leveraging early contractor involvement (ECI). Delivering comprehensive solutions and utilising expertise from Bilfinger's Engineering, Automation, and Production divisions, the core design team, based at Bilfinger UK's Headquarters in Warrington, will be supported by colleagues in Chesterfield, St. Helens and on-site. The design phase will involve 40 to 50 people, with up to 100 personnel operating during the peak construction phase. Ben Hill, Gas Framework Director at Bilfinger Engineering & Maintenance UK, said: 'This contract is a testament to our successful collaboration with National Gas and our readiness to take the project forward into detailed design, build and commissioning. By utilising resources from our Engineering, Automation, and Production teams, we are well-equipped to deliver comprehensive solutions that meet the highest standards of safety and performance. 'Our partnership with National Gas reflects our commitment to innovation, efficiency, and sustainability and we look forward to continuing our collaboration to meet the challenges of net zero.' Darren Clement, Vice President, Engineering, Automation & Projects at Bilfinger UK, added: 'Our team's expertise in engineering, automation, and production will be pivotal in ensuring the success of the Control System Refurbishment Project. This contract not only highlights our capabilities but also our commitment to creating jobs and supporting the local economy as we contribute to the reliability and efficiency of the National Transmission System.' Oliver Wood, Programme Director at National Gas, said: 'Ensuring the continued safe and efficient flow of gas across the National Transmission System is critical to the UK's energy security. This investment reflects our commitment to upgrading essential infrastructure and embracing innovative technologies. We're proud that this project will not only strengthen the resilience of our network but also create high-quality jobs and opportunities across South Wales and beyond.'
