What was filed
REC Limited informed the exchanges that RECPDCL, its wholly owned subsidiary, has transferred its entire shareholding in two project-specific transmission SPVs to the parties that won them through a tariff-based competitive bidding process. The transfer took effect on 23 September 2026, once RECPDCL received the required consideration.
Barmer HVDC Power Transmission Limited passed to Power Grid Corporation of India Limited, and Sakoli Power Transmission Limited passed to Ashoka Buildcon Limited. In each case the shareholding was transferred along with all assets and liabilities. From the effective date, neither SPV remains a subsidiary of RECPDCL or REC.
How the sale was structured
This follows REC's build-and-transfer model for inter-state transmission projects: RECPDCL incorporates a project-specific SPV, which is then handed to the bidder selected through competitive bidding. The filing states the consideration was determined in accordance with guidelines issued by the Ministry of Power.
The company noted the buyers do not belong to its promoter or promoter group, so the transactions are not related-party transactions, and neither is in the nature of a slump sale. Per the filing, the revenue and net worth contributed by these units during the last financial year was negligible.