New Delhi: REC Limited has announced that its wholly-owned subsidiary, REC Power Development and Consultancy Limited (RECPDCL), has completed the transfer of its entire shareholding in Vizag Power Transmission Limited to Adani Energy Solutions Limited.
The transaction was completed on August 14, 2026, following a tariff-based competitive bidding process for the selection of the successful bidder.
Entire Shareholding Transferred to Adani Energy Solutions
RECPDCL transferred its entire holding in the project-specific Special Purpose Vehicle (SPV), Vizag Power Transmission Limited, to Adani Energy Solutions.
The transaction covered:
- 50,000 equity shares held by RECPDCL
- All assets and liabilities of the SPV
- Transfer completed on August 14, 2026
- Buyer: Adani Energy Solutions Limited
A Share Purchase Agreement (SPA) was executed between RECPDCL and the successful bidder on the same day.
Read also: RECPDCL Hands Over ₹3,200 Crore Ryapte Power Transmission Project SPV to Tata Power
Transaction Value Stands at ₹65.97 Lakh
The total consideration for the transaction was ₹65,97,011, including applicable taxes.
The amount includes:
- Acquisition price
- Professional fees
- Reimbursement of expenses
The consideration was determined in accordance with the guidelines issued by the Ministry of Power, Government of India.
Vizag Power Transmission Ceases to Be REC Subsidiary
Following completion of the transaction, Vizag Power Transmission Limited ceased to be a subsidiary of RECPDCL and REC Limited with effect from August 14, 2026.
REC stated that the contribution of the SPV to the company’s turnover, revenue and net worth during the last financial year was negligible.
Transaction Not a Related-Party Deal
REC clarified that Adani Energy Solutions does not belong to REC’s promoter or promoter group.
The company also disclosed that:
- The transaction is not a related-party transaction.
- The deal is not in the nature of a slump sale.
- The transfer was completed through the prescribed competitive bidding process.
The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Transfer Follows Tariff-Based Competitive Bidding
Vizag Power Transmission Limited was established as a project-specific SPV for the transmission project. The transfer to the successful bidder followed the tariff-based competitive bidding mechanism, through which the selected developer takes forward the project.
The completion of the transaction marks the transfer of the SPV along with its associated assets and liabilities to Adani Energy Solutions.
About RECPDCL
REC Power Development and Consultancy Limited (RECPDCL) is a wholly owned subsidiary of REC Limited under the Ministry of Power, Government of India. Incorporated on July 12, 2007, it provides expert consultancy, project management, and bid process coordination for power transmission, distribution, and renewable energy infrastructure across India.
Read also: REC Subsidiary RECPDCL Transfers Two Power Transmission SPVs to Successful Bidders for ₹33.27 Crore
