REC Transfers Ryapte Power Transmission SPV to Tata Power Following Competitive Bidding Process

REC Limited has completed the sale and transfer of its project-specific special purpose vehicle (SPV), Ryapte Power Transmission Limited, to Tata Power Company Limited after receiving the required consideration through a tariff-based competitive bidding (TBCB) process.

In a regulatory filing dated July 30, 2026, the Maharatna public sector enterprise said the transfer was executed through its wholly owned subsidiary, REC Power Development and Consultancy Limited (RECPDCL). The entire shareholding of Ryapte Power Transmission Limited, comprising 50,000 equity shares, along with all associated assets and liabilities, was transferred to Tata Power, the successful bidder selected under the competitive bidding process. As a result, Ryapte Power Transmission Limited has ceased to be a subsidiary of both RECPDCL and REC with effect from July 30, 2026.

According to the disclosure, the Share Purchase Agreement (SPA) between RECPDCL and Tata Power was executed on July 30, 2026, the same day the transaction was completed. The consideration for the transfer amounted to ₹10,86,62,034, including taxes, professional fees and reimbursement of expenses.

REC stated that the contribution of the SPV to its turnover, revenue and net worth during the last financial year was negligible. The company also clarified that Tata Power is not part of the promoter or promoter group, and the transaction does not qualify as a related-party transaction.

The filing further noted that the transfer is not in the nature of a slump sale and that the sale consideration was determined in accordance with the guidelines issued by the Ministry of Power, Government of India for the transfer of transmission project SPVs developed under the tariff-based competitive bidding framework.