REC Limited, via its subsidiary RECPDCL, has transferred its entire shareholding in two project-specific SPVs to successful bidders. Ananthapuram II Power Transmission Limited was sold to Shivalaya Construction Limited, and SR WR Power Transmission Limited was sold to Power Grid Corporation of India Limited. The sales, effective October 17, 2025, follow tariff-based competitive bidding.
SPV Transfers Completed
REC Power Development and Consultancy Limited (RECPDCL), a wholly-owned subsidiary of REC Limited, has completed the sale and transfer of its entire shareholding in two project-specific special purpose vehicles (SPVs) on October 17, 2025. This transfer follows the receipt of necessary consideration.
Details of SPVs Sold
The SPVs and their respective buyers are:
- Ananthapuram II Power Transmission Limited: Sold to Shivalaya Construction Limited
- SR WR Power Transmission Limited: Sold to Power Grid Corporation of India Limited
Each SPV comprised 50,000 equity shares, transferred at par value along with all assets and liabilities. With this transfer, the SPVs are no longer subsidiaries of RECPDCL or REC Limited.
Financial Considerations and Agreements
The share purchase agreements (SPAs) were executed between RECPDCL and the successful bidders on October 17, 2025. The consideration for each SPV comprised a professional fee, including taxes and reimbursement of expenses.
- Ananthapuram II Power Transmission Limited: Consideration of ₹17.70 Crore (including taxes) and reimbursement of expenses.
- SR WR Power Transmission Limited: Consideration of ₹10.63 Crore (including taxes) and reimbursement of expenses.
The consideration for the sale and transfer of SPVs is determined in accordance with the guidelines issued by the Ministry of Power, Government of India.
Source: BSE