REC Limited, through its wholly owned subsidiary REC Power Development and Consultancy Limited (RECPDCL), has completed the transfer of three project-specific Special Purpose Vehicles (SPVs) to successful bidders selected through tariff-based competitive bidding.
The transactions involved the sale of 100% shareholding in each of the three SPVs, comprising 50,000 equity shares in each company. The transfers were completed after the execution of Share Purchase Agreements (SPAs) and receipt of the required consideration from the respective successful bidders.
On September 23, 2026, RECPDCL completed the transfer of Barmer HVDC Power Transmission Limited to Power Grid Corporation of India Limited. The transaction was completed for a total consideration of ₹18,97,52,835, including applicable taxes.
On the same date, RECPDCL transferred Sakoli Power Transmission Limited to Ashoka Buildcon Limited. The acquisition was completed for ₹3,05,84,508, including taxes.
The third transaction was completed on September 26, 2026, with the transfer of Ranipur Chunar Power Transmission Limited to HG Infra Engineering Limited. The total consideration for the transaction stood at ₹1,88,49,228, including taxes.
The consideration amounts for the three transactions included professional fees and reimbursement of expenses. These amounts were determined in accordance with the guidelines issued by the Ministry of Power, Government of India.
Following completion of the transactions, Barmer HVDC Power Transmission Limited, Sakoli Power Transmission Limited, and Ranipur Chunar Power Transmission Limited ceased to be subsidiaries of RECPDCL as well as REC Limited.
REC Limited disclosed that Power Grid Corporation of India Limited, Ashoka Buildcon Limited, and HG Infra Engineering Limited are not part of REC Limited’s promoter or promoter group. The company also stated that the transactions do not qualify as related-party transactions and do not fall under the definition of a slump sale.
The company further reported that the individual financial contributions of the three SPVs to REC Limited’s total turnover, revenue, income, and net worth during the preceding financial year were negligible.
The disclosures regarding the transactions were submitted to the National Stock Exchange of India Limited and BSE Limited in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The divestments mark the completion of the transfer process for the three transmission project entities following their selection through competitive bidding.
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