REC Limited has announced the successful sale and transfer of Jalna Power Transmission Limited, a project-specific Special Purpose Vehicle (SPV), to Maharashtra State Electricity Transmission Company Limited (MSETCL). The transaction was completed on June 12, 2026, through its wholly owned subsidiary, REC Power Development and Consultancy Limited (RECPDCL).
The transfer was carried out in accordance with the provisions of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. RECPDCL transferred its entire shareholding in Jalna Power Transmission Limited, consisting of 50,000 equity shares, to the successful bidder after receiving the required consideration. The transfer includes all assets and liabilities associated with the SPV.
Following the completion of the transaction, Jalna Power Transmission Limited has ceased to be a subsidiary of both RECPDCL and REC Limited with effect from June 12, 2026. The company stated that the transfer marks the successful completion of the bidding and acquisition process for the transmission project.
Maharashtra State Electricity Transmission Company Limited emerged as the successful bidder through a tariff-based competitive bidding process conducted for the project. The total consideration received from the sale and transfer of the SPV was ₹3.21 crore, including applicable taxes. The amount also covers professional fees and reimbursement of expenses incurred during the transaction process.
REC Limited noted that Jalna Power Transmission Limited had a negligible contribution to the turnover, revenue, income, and net worth of the parent company during the previous financial year. As a result, the financial impact of the divestment on REC Limited is expected to be minimal.
The Share Purchase Agreement (SPA) between RECPDCL and Maharashtra State Electricity Transmission Company Limited was executed on the same day as the transfer. The agreement formalized the transfer of ownership and ensured compliance with all applicable regulatory and procedural requirements.
REC Limited also clarified that the acquiring entity is not related to the promoter group or any associated group companies of the company. The transaction does not qualify as a related-party transaction and was not undertaken as a slump sale. The consideration for the transfer was determined in accordance with the guidelines issued by the Ministry of Power from time to time.
The disclosure regarding the transaction was formally communicated to the National Stock Exchange of India Limited and BSE Limited. The intimation was signed and submitted by Dinesh Garg, Company Secretary and Compliance Officer of REC Limited, as part of the company’s regulatory disclosure obligations.
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