REC Limited has announced that its wholly owned subsidiary, REC Power Development and Consultancy Limited (RECPDCL), has completed the sale and transfer of its special purpose vehicle (SPV), Vizag Power Transmission Limited, to Adani Energy Solutions Limited.
The transaction was completed on August 14, 2026, following a tariff-based competitive bidding process. As part of the transaction, RECPDCL transferred its entire shareholding of 50,000 equity shares in Vizag Power Transmission Limited, along with all associated assets and liabilities, to Adani Energy Solutions, the successful bidder.
The total consideration for the transaction is ₹18.66 crore, including applicable taxes, professional fees and reimbursement of expenses. REC stated that the valuation and terms of the transaction were determined in accordance with the guidelines issued by the Ministry of Power, Government of India.
Following completion of the transaction, Vizag Power Transmission Limited has ceased to be a subsidiary of both RECPDCL and REC Limited. The Share Purchase Agreement (SPA) was signed and completed on the same day, marking the formal completion of the divestment.
REC clarified that the SPV made only a negligible contribution to the company’s overall turnover, revenue, income and net worth during the previous financial year. The company also confirmed that Adani Energy Solutions is not part of REC’s promoter or promoter group.
The transaction does not qualify as a related-party transaction or a slump sale, according to the regulatory filing.
REC Limited formally disclosed the transaction through filings submitted to the National Stock Exchange of India Limited and BSE Limited. The disclosure was signed by Dinesh Garg, Company Secretary and Compliance Officer of REC Limited. The transaction represents the completion of the transfer of the transmission project following the competitive bidding process.
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