Further, the board also approved sale and transfer of MP Power Transmission Package-I held by RECPDCL to Megha Engineering & Infrastructures, the successful bidder selected through Tariff Based Competitive Bidding process.

REC is a Government company engaged in extending financial assistance across the power sector value chain and is a systemically important (Non-Deposit Accepting or Holding) non-banking finance company (NBFC) registered with Reserve Bank of India (RBI). REC is a leading infrastructure finance company in India and the principal products of REC are interest-bearing loans to state electricity boards, state power utilities/state power departments and private sector for all segments of power infrastructure.

On consolidated basis, the company's net profit rose 1.5% to Rs 2,732.12 crore despite of 0.9% decline in total income to Rs 9,964 crore in Q2 FY23 over Q2 FY22.