REC Transfers Two Power Transmission SPVs to PowerGrid and Terralight Through Competitive Bidding
RECPDCL Completes Strategic Transfer of Bhadla Ramgarh and Shongtong Transmission Projects
REC Limited, a Maharatna Central Public Sector Undertaking (CPSU) under the Ministry of Power, has successfully completed the transfer of two project-specific Special Purpose Vehicles (SPVs) through its wholly owned subsidiary, REC Power Development and Consultancy Limited (RECPDCL), following a tariff-based competitive bidding (TBCB) process.
The transaction, executed on July 29, 2026, involved the transfer of Bhadla Ramgarh Power Transmission Limited and Shongtong Power Transmission Limited to their respective successful bidders. The transfer included the entire equity shareholding of each SPV—comprising 50,000 equity shares—along with all associated assets and liabilities. Consequently, both SPVs have ceased to be subsidiaries of RECPDCL and REC Limited.
Under the transaction, Power Grid Corporation of India Limited (PowerGrid) acquired Bhadla Ramgarh Power Transmission Limited for a total consideration of ₹20.41 crore, while Terralight Solar Energy Tinwari Private Limited acquired Shongtong Power Transmission Limited for ₹12.86 crore. REC stated that the consideration includes professional fees, reimbursement of expenses, and applicable taxes.
According to REC’s disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, the Share Purchase Agreements (SPAs) were executed and the transfers completed simultaneously on July 29, 2026.
The company further informed that the financial contribution of both SPVs to REC’s revenue and net worth during the previous financial year was negligible, indicating that the transactions are not expected to have any material financial impact on the company.
REC also clarified that neither Power Grid Corporation of India Limited nor Terralight Solar Energy Tinwari Private Limited belongs to its promoter or promoter group. The company emphasized that the transactions do not constitute related-party transactions or slump sales.
The sale consideration was determined strictly in accordance with the Ministry of Power’s guidelines governing the transfer of transmission project SPVs under the tariff-based competitive bidding framework, ensuring transparency, regulatory compliance, and a fair bidding process.
