MUMBAI: In line with the central framework for developing national power infrastructure, REC Limited has announced the successful sale and transfer of two project-specific Special Purpose Vehicles (SPVs). The transaction was executed by REC’s wholly-owned subsidiary, REC Power Development and Consultancy Limited (RECPDCL).
The divestment follows a transparent, tariff-based competitive bidding process in compliance with guidelines issued by the Ministry of Power. Effective May 30, 2026, both project entities have officially ceased to be subsidiaries of RECPDCL and REC Limited.
Transaction Matrix and Corporate Bidders
According to regulatory disclosures filed with the National Stock Exchange (NSE) and BSE, RECPDCL transferred its entire shareholding of 50,000 equity shares in each of the following transmission SPVs:
| Special Purpose Vehicle (SPV) | Successful Corporate Bidder | Total Acquisition Consideration |
| Hampapura Power Transmission Limited | Resonia Limited | ₹8.61 Crore ($\text{Rs. } 8,60,77,476$) |
| Mekhali Power Transmission Limited | Dilip Buildcon Limited | ₹8.06 Crore ($\text{Rs. } 8,05,99,524$) |
Note: The acquisition consideration for both entities includes applicable taxes, professional consultation fees, and the structural reimbursement of development expenses. The combined deal volume stands at over ₹16.66 crore.
Regulatory and Governance Disclosures
REC Limited provided specific regulatory clarifications regarding the structure of the dual divestment:
-
No Related Party Exposure: The state-run enterprise confirmed that neither transaction falls under the ambit of related party transactions. The successful corporate bidders—Resonia and Dilip Buildcon—have no affiliations with the promoter group of REC Limited.
-
Slump Sale Clarification: The company explicitly stated that the equity transfers do not constitute slump sales.
-
Negligible Financial Impact: REC noted that the financial contribution of both transmission SPVs toward the parent company’s total turnover, operational revenue, net income, and overall net worth during the preceding financial year was negligible.
Strategic Roadmap for Power Transmission
The transfer of project-specific SPVs is a standard operating procedure designed by the Ministry of Power to enhance private sector participation in India’s energy landscape. Under this framework, RECPDCL acts as the initial incubator that clears early-stage bottlenecks and develops the baseline transmission project specifications.
Once the initial groundwork is laid, the projects are handed over to successful private or public developers for final implementation, infrastructure execution, and long-term operations. This dual transfer reinforces REC’s core role in fast-tracking critical power evacuation lines across the national grid.
