REC Limited, a Maharatna Government of India enterprise, has announced the successful sale and transfer of its project-specific subsidiary, Umred Power Transmission Limited. The intimation was issued on February 26, 2026. The transaction was carried out through REC Power Development and Consultancy Limited (RECPDCL), which is a wholly-owned subsidiary of REC Limited.
As part of the deal, the entire shareholding of the Special Purpose Vehicle (SPV), comprising 50,000 equity shares, has been transferred to Maharashtra State Electricity Transmission Company Limited (MSETCL). The buyer was selected through a tariff-based competitive bidding process. REC clarified that the acquiring entity does not belong to its promoter or promoter group.
With the completion of the share transfer, Umred Power Transmission Limited has ceased to be a subsidiary of both RECPDCL and REC Limited, effective February 26, 2026. The total consideration for the transaction stood at ₹2,34,28,481. This amount includes professional fees, applicable taxes, and reimbursement of expenses. The valuation was carried out in accordance with the guidelines prescribed by the Ministry of Power, Government of India.
REC Limited further stated that the financial impact of this subsidiary on its total turnover and net worth during the previous financial year was negligible. The company also confirmed that the transaction does not fall under the category of a related party transaction or a slump sale.
The Share Purchase Agreement was executed and completed on February 26, 2026, in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
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