REC Limited Transfers Two Power Transmission SPVs To POWERGRID And Terralight Through Competitive Bidding

REC Limited, a Maharatna public sector enterprise under the Government of India, 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 transfer was successfully executed on July 29, 2026, following the selection of successful bidders through a tariff-based competitive bidding process.

The two SPVs transferred are Bhadla Ramgarh Power Transmission Limited and Shongtong Power Transmission Limited. As part of the transaction, the entire shareholding of each SPV, consisting of 50,000 equity shares along with all associated assets and liabilities, was transferred to the respective successful bidders. Following the completion of the transaction, both entities have ceased to be subsidiaries of RECPDCL and REC Limited.

Power Grid Corporation of India Limited acquired Bhadla Ramgarh Power Transmission Limited for a total consideration of ₹20.41 crore. Meanwhile, Shongtong Power Transmission Limited was acquired by Terralight Solar Energy Tinwari Private Limited for ₹12.86 crore. REC stated that the consideration for both transactions includes professional fees, reimbursement of expenses, and applicable taxes.

According to REC’s regulatory filing under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, the execution of the Share Purchase Agreements (SPAs) and the completion of the transfers took place simultaneously on July 29, 2026. The company also noted that the financial contribution of both SPVs to REC’s revenue and net worth during the previous financial year was negligible.

REC further clarified that neither Power Grid Corporation of India Limited nor Terralight Solar Energy Tinwari Private Limited belongs to its promoter or promoter group. The company emphasized that the transactions are not related party transactions and do not qualify as slump sales. It also stated that the sale consideration was determined in accordance with the guidelines prescribed by the Ministry of Power, Government of India, ensuring transparency and compliance with the prescribed bidding and transfer process.