REC Limited Divests Two Power Transmission SPVs To Resonia And Dilip Buildcon Through Competitive Bidding

REC Limited has completed the sale and transfer of two project-specific special purpose vehicles (SPVs) through its wholly owned subsidiary, REC Power Development and Consultancy Limited (RECPDCL). The transaction was finalized on May 30, 2026, following a tariff-based competitive bidding process conducted in line with the Ministry of Power’s guidelines.

According to a regulatory filing, RECPDCL transferred its entire shareholding of 50,000 equity shares in each SPV at par value, along with all associated assets and liabilities. The two entities involved in the transaction were Hampapura Power Transmission Limited and Mekhali Power Transmission Limited.

Resonia Limited emerged as the successful bidder for Hampapura Power Transmission Limited. The company acquired the SPV for a total consideration of ₹8.61 crore, which includes applicable taxes, professional fees, and reimbursement of expenses. Mekhali Power Transmission Limited was acquired by Dilip Buildcon Limited for approximately ₹8.06 crore, with the consideration also covering taxes, professional charges, and expense reimbursements.

The transfer process was completed after RECPDCL received the full consideration from the successful bidders. Following the completion of the transaction, both Hampapura Power Transmission Limited and Mekhali Power Transmission Limited ceased to be subsidiaries of RECPDCL and REC Limited.

The company stated that the financial contribution of both SPVs to REC’s overall turnover, revenue, and net worth during the previous financial year was negligible. REC further clarified that neither Resonia Limited nor Dilip Buildcon Limited belongs to its promoter or promoter group. As a result, the transactions do not qualify as related party transactions.

The filing also noted that the sale of the SPVs does not fall under the category of slump sales. The divestment was carried out as part of the standard transmission project bidding and transfer mechanism followed in the power sector.