New Delhi: REC Limited, a Maharatna public sector undertaking, has completed the transfer of two project-specific Special Purpose Vehicles (SPVs) through its wholly owned subsidiary REC Power Development and Consultancy Limited (RECPDCL). The two transmission SPVs—Bhadla Ramgarh Power Transmission Limited and Shongtong Power Transmission Limited—were transferred to successful bidders on July 29, 2026, following receipt of the full consideration.
The transactions were completed under the tariff-based competitive bidding process, allowing the selected bidders to take ownership of the respective transmission projects.
Two Transmission SPVs Transferred to Successful Bidders
The two entities transferred by RECPDCL are:
- Bhadla Ramgarh Power Transmission Limited — acquired by Power Grid Corporation of India Limited (PGCIL).
- Shongtong Power Transmission Limited — acquired by Terralight Solar Energy Tinwari Private Limited.
Following the completion of the transactions, both SPVs have ceased to be subsidiaries of RECPDCL as well as REC Limited.
REC Receives ₹33.27 Crore in Total Consideration
RECPDCL received the full consideration from the successful bidders before completing the share transfers.
The transaction details include:
- Bhadla Ramgarh Power Transmission Limited: ₹20.41 crore, including taxes.
- Shongtong Power Transmission Limited: ₹12.86 crore, including taxes.
- Total consideration: ₹33.27 crore, including taxes.
The consideration includes professional fees and reimbursement of expenses related to the transactions.
Entire Shareholding Along with Assets and Liabilities Transferred
As part of the transactions, RECPDCL transferred its entire shareholding in both project-specific SPVs.
Each SPV had 50,000 equity shares, and the transfer included:
- Entire shareholding of the respective SPV.
- All associated assets.
- All liabilities of the entities.
The Share Purchase Agreements (SPAs) with the successful bidders were executed on July 29, 2026, after RECPDCL received the required consideration.
Both SPVs Exit REC Group After Transfer
With the completion of the transactions, Bhadla Ramgarh Power Transmission Limited and Shongtong Power Transmission Limited are no longer subsidiaries of either RECPDCL or REC Limited.
The transfer marks the completion of RECPDCL’s role as the project-specific SPV holding entity, with the respective transmission projects now moving under the ownership of the successful bidders.
Details Disclosed Under SEBI Regulations
REC Limited informed the National Stock Exchange (NSE) and BSE about the transactions under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations.
The company disclosed that the transfers were completed after the execution of the relevant agreements and receipt of the full consideration.
The transactions represent the standard competitive bidding-based process followed for such transmission project SPVs, where the successful bidder takes over the project entity after the completion of the required formalities.
What the Transfer Means for REC
The transfer of the two SPVs represents a clean exit for RECPDCL from these project-specific transmission entities. Following the completion of the transactions, the projects will now move forward under their respective successful bidders.
For investors tracking REC’s subsidiary portfolio and transmission project pipeline, the development marks another completed transfer of project-specific SPVs following the competitive bidding process.
About REC Limited
REC Limited is a Maharatna Central Public Sector Enterprise under the Ministry of Power, Government of India. Established in 1969, the company is primarily engaged in financing power sector infrastructure and supporting the development of electricity generation, transmission and distribution projects across India. REC also undertakes consultancy and project development activities through its subsidiaries, including RECPDCL, contributing to the growth and modernisation of India’s power sector.
