1. Incorporation of a wholly owned subsidiary company of REC for dealing in permissible activities as a Finance Company in International Financial Service Centre (IFSC), Gujarat International Finance Tec-City (GIFT), Gandhinagar, Gujarat, subject to receipt of No-Objection Certificate from the Reserve Bank of India.

2. Incorporation of a project-specific special purpose vehicle, as wholly owned subsidiary of REC Power Development & Consultancy (a wholly owned subsidiary of REC), for additional Transmission system for evacuation of power from Bhadla-III PS as part of Rajasthan REZ Phase-III scheme (20 GW) and to act as Bid Process Coordinator (BPC) for the purpose of selection of Bidder as Transmission Service Provider (TSP), through tariff based competitive bidding process.