REC Limited announced the divestment of its project-specific SPV, Luhri Power Transmission Limited. The entire shareholding, comprising 50,000 equity shares held by its wholly-owned subsidiary RECPDCL, was transferred on August 21, 2026. This sale, along with all associated assets and liabilities, was completed through a tariff-based competitive bidding process to the selected bidder, Terralight Solar Energy Tinwari Private Limited. The consideration received was approximately ₹14.12 crore.
REC Completes SPV Divestment
REC Limited has confirmed the sale and transfer of its project-specific Special Purpose Vehicle (SPV), Luhri Power Transmission Limited. This divestment was executed by REC Power Development and Consultancy Limited (RECPDCL), a wholly-owned subsidiary of REC Limited.
Transaction Details
The transaction involved the transfer of the entire shareholding of Luhri Power Transmission Limited, which consisted of 50,000 equity shares. This divestment was completed on August 21, 2026, following the receipt of the necessary consideration. All assets and liabilities associated with the SPV were transferred to the successful bidder identified through a tariff-based competitive bidding process.
Buyer and Consideration
The successful bidder identified for this acquisition is Terralight Solar Energy Tinwari Private Limited. The consideration received for the sale and transfer of the SPV amounts to approximately ₹14,12,61,898/-. This amount is inclusive of taxes, professional fees, and reimbursement of expenses.
Impact on REC’s Structure
With the completion of this transaction, Luhri Power Transmission Limited is no longer a subsidiary of RECPDCL or REC Limited. The company has also clarified that the transaction does not fall within the purview of related party transactions and is not in the nature of a slump sale. The consideration for the sale was determined in accordance with the Guidelines issued by the Ministry of Power, Government of India.
Source: BSE
