What was filed
REC Limited told the exchanges that its wholly owned subsidiary, REC Power Development and Consultancy Limited (RECPDCL), has completed the sale and transfer of two project-specific transmission SPVs. For each, the entire shareholding was transferred along with all assets and liabilities on 12 October 2026 to bidders selected through a tariff-based competitive bidding process. From that date, both SPVs cease to be subsidiaries of RECPDCL and REC.
Jam Khambhaliya Jamnagar Power Transmission Limited went to Ceigall India Limited, and Lakadia II Power Transmission Limited to Power Grid Corporation of India Limited. Share Purchase Agreements for both were executed on the same date.
Why this is routine for RECPDCL
RECPDCL acts as a bid process coordinator: it incorporates project-specific special purpose vehicles for inter-state transmission schemes and hands them to the successful bidder once competitive bidding concludes. The filing states that neither buyer belongs to the promoter or promoter group, that the transactions are not related-party transactions, and that they are not slump sales. The consideration in each case was determined per guidelines issued by the Ministry of Power.
The filing describes the turnover, revenue, income and net worth contributed by these units during the last financial year as negligible — consistent with the pass-through nature of these holding vehicles.
The consideration
The company disclosed the acquisition price received for each SPV, inclusive of taxes, professional fees and reimbursement of expenses. The amounts are set out in the key-facts panel.