REC Completes Sale Of Luhri Power Transmission To Terralight Solar Energy

REC Limited, a Maharatna enterprise under the Government of India, has completed the sale and transfer of its project-specific special purpose vehicle (SPV), Luhri Power Transmission Limited. The transaction was disclosed to the National Stock Exchange of India and BSE Limited on August 21, 2026, in compliance with Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

The transfer was carried out through REC’s wholly owned subsidiary, REC Power Development and Consultancy Limited (RECPDCL). Under the transaction, RECPDCL transferred its entire shareholding in Luhri Power Transmission Limited, comprising 50,000 equity shares, along with the associated assets and liabilities.

The shares were acquired by Terralight Solar Energy Tinwari Private Limited, the successful bidder selected through a tariff-based competitive bidding process. The transfer became effective on August 21, 2026, following receipt of the required consideration. As a result, Luhri Power Transmission Limited ceased to be a subsidiary of both RECPDCL and REC Limited.

The total financial consideration for the transaction stood at ₹14,12,61,898, including taxes, professional fees and reimbursement of expenses. The valuation and transfer conditions were determined in line with guidelines issued by the Ministry of Power.

REC Limited stated that Luhri Power Transmission Limited had a negligible contribution to its overall turnover, revenue, income and net worth during the preceding financial year. The Share Purchase Agreement between RECPDCL and Terralight Solar Energy Tinwari Private Limited was executed on the date of the transfer.

REC also clarified that Terralight Solar Energy Tinwari Private Limited is not part of REC’s promoter or promoter group. The transaction does not constitute a related party transaction and has not been classified as a slump sale.

The completion of the transaction marks the successful conclusion of the competitive bidding process for the transmission project. Ownership of the SPV has now shifted to the successful bidder, allowing Terralight Solar Energy Tinwari Private Limited to assume responsibility for the project.