REC Power Development and Consultancy Limited (RECPDCL) has transferred the entire shareholding of two project-specific Special Purpose Vehicles (SPVs) to its successful bidders on 12 October 2026. The transactions involve entities established to develop inter-state transmission systems linked to renewable energy evacuation projects in Gujarat.
REC Subsidiary Completes Transfer of Two SPVs
RECPDCL transferred Jam Khambhaliya Jamnagar Power Transmission Limited to Ceigall India Limited for a consideration of ₹8.40 crore, including taxes. It also transferred Lakadia II Power Transmission Limited to Power Grid Corporation of India Limited for ₹8.43 crore, including taxes.
The company executed the Share Purchase Agreements for both transactions on 12 October 2026. With effect from that date, the two SPVs ceased to be subsidiaries of RECPDCL and REC Limited.
Transactions Linked to Renewable Energy Transmission
Both SPVs were established to develop inter-state transmission systems associated with renewable energy evacuation projects in Gujarat. According to the disclosure, their contribution to REC Limited’s turnover and net worth during the last financial year was negligible.
RECPDCL clarified that the transactions do not qualify as related-party transactions and are not in the nature of a slump sale. The consideration was determined in accordance with the guidelines issued by the Ministry of Power, Government of India.
The company made the disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
