REC Limited announced the divestment of its entire shareholding in Vizag Power Transmission Limited, a project-specific SPV. The transfer, effective August 14, 2026, was executed by its wholly-owned subsidiary, RECPDCL, to a successful bidder selected through a tariff-based competitive bidding process. The consideration received for this sale was ₹18,65,97,011 (approximately ₹18.66 crore), inclusive of taxes and fees.
REC Limited Divests Project SPV
REC Limited has completed the sale and transfer of its wholly-owned subsidiary, Vizag Power Transmission Limited. The transaction was executed by its subsidiary, REC Power Development and Consultancy Limited (RECPDCL), which held the entire 50,000 equity shares of the SPV. The divestment was finalized on August 14, 2026, following a tariff-based competitive bidding process.
Transaction Details
The total consideration received for the sale of Vizag Power Transmission Limited amounted to ₹18,65,97,011 (approximately ₹18.66 crore). This figure includes the acquisition price, taxes, professional fees, and reimbursement of expenses. The successful bidder for this project-specific SPV has been identified as Adani Energy Solutions Limited. It has been confirmed that the acquiring entity does not belong to the promoter or promoter group of REC Limited, and the transaction is not considered a related-party transaction.
Impact on Subsidiary Structure
As a result of this transfer, Vizag Power Transmission Limited is no longer a subsidiary of RECPDCL or REC Limited, effective from August 14, 2026. The company has stated that the details of the buyer do not indicate any affiliation with the promoter group. The transaction is not characterized as a slump sale, and the consideration was determined in accordance with the guidelines issued by the Ministry of Power, Government of India. The net worth and revenue contributions of this SPV were negligible for REC Limited in the last financial year.
Source: BSE
