REC Limited announces the divestment of its entire shareholding in Jalna Power Transmission Limited (JPTL), a wholly owned subsidiary of REC’s subsidiary RECPDCL. The transfer, completed on June 12, 2026, involved 50,000 equity shares along with all assets and liabilities. The transaction was executed at par value to the successful bidder selected through a tariff-based competitive bidding process, marking JPTL’s exit as a subsidiary of REC and RECPDCL.
REC Limited Divests Project SPV
REC Limited has officially completed the sale and transfer of its project-specific Special Purpose Vehicle (SPV), Jalna Power Transmission Limited (JPTL). The announcement, dated June 12, 2026, confirms that JPTL is no longer a subsidiary of either REC Power Development and Consultancy Limited (RECPDCL), REC Limited’s wholly-owned subsidiary, or REC Limited itself.
Transaction Details
The divestment involved the entire shareholding of 50,000 equity shares in JPTL, which were held by RECPDCL. The shares, along with all associated assets and liabilities, were transferred at their par value. The transaction was concluded with a successful bidder who was identified through a tariff-based competitive bidding process. The completion date for this sale and transfer was specifically June 12, 2026.
Financial and Operational Implications
Details provided in Annexure-1 indicate that the contribution of JPTL to REC’s turnover, revenue, or income, and net worth in the last financial year was negligible. The Share Purchase Agreement (SPA) was executed between RECPDCL and the successful bidder on the same day of completion, June 12, 2026. The consideration received for this sale/disposal amounts to ₹3,21,57,839/-, inclusive of taxes, professional fees, and reimbursement of expenses. The successful bidder for JPTL is the Maharashtra State Electricity Transmission Company Limited, who is not part of REC’s promoter or promoter group. The transaction was conducted at an arm’s length and is not considered a related party transaction or a slump sale.
Source: BSE
