MUMBAI: REC Limited has officially announced the successful sale and transfer of two project-specific Special Purpose Vehicles (SPVs) by its wholly owned subsidiary, REC Power Development and Consultancy Limited (RECPDCL). The transaction was finalized on May 30, 2026, following a rigorous tariff-based competitive bidding process managed under the regulatory framework of the Ministry of Power.
According to regulatory disclosures filed with the National Stock Exchange (NSE) and BSE, RECPDCL has divested its entire stake of 50,000 equity shares each in Hampapura Power Transmission Limited and Mekhali Power Transmission Limited. With this transfer, both entities have ceased to be subsidiaries of RECPDCL and REC Limited.
Allocation of Transmission Projects & Financials
The ownership of the infrastructure SPVs has been legally handed over to the designated successful private sector bidders:
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Hampapura Power Transmission Limited → Resonia Limited: RECPDCL executed the formal Share Purchase Agreement (SPA) with Resonia Limited. The acquisition consideration was fixed at ₹8.61 crore (₹8,60,77,476), covering professional fees, applicable taxes, and the reimbursement of development expenses.
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Mekhali Power Transmission Limited → Dilip Buildcon Limited: The SPA for this project was concurrently signed with infrastructure major Dilip Buildcon Limited. The transaction size for this asset stood at ₹8.06 crore (₹8,05,99,524), encompassing all bundled regulatory taxes, administrative costs, and expense reimbursements.
Compliance and Structural Parameters
REC Limited clarified that the divestments strictly adhere to market-neutral governance standards:
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No Related Party Transactions: The successful corporate entities are entirely independent and do not belong to the promoter group of REC Limited.
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No Slump Sales: The financial transfers do not constitute slump sales, with asset pricing fully calculated under mandatory guidelines issued by the Ministry of Power.
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Negligible Revenue Impact: Given their nature as pre-execution, project-specific vehicles, the financial contribution of both SPVs to REC’s aggregate turnover, revenue, or net worth during the preceding fiscal year was negligible.
Strategic Sector Mechanism
The formulation and transfer of project-specific SPVs represent a standardized operational framework within India’s power transmission sector. Under this institutional setup, RECPDCL functions as the preliminary nodal agency that incubates transmission projects, clears foundational bottlenecks, and subsequently transfers them to private or public developers for implementation and long-term execution.
This transaction highlights REC’s continued administrative role in expanding India’s core power transmission infrastructure by leveraging transparent, competitive bidding frameworks to drive private sector capital integration.
