REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of REC Limited, has successfully completed the sale of its entire 50,000 equity shareholding in Bellary Davanagere Power Transmission Limited. The transfer, including all associated assets and liabilities, was finalized on February 12, 2026, to the successful bidder selected through a competitive bidding process. The total consideration received amounted to ₹13,02,26,267.00.
The divestment marks the completion of the project-specific Subsidiary/SPV transfer, executed under the Share Purchase Agreement (SPA) dated February 12, 2026. The SPV, Bellary Davanagere Power Transmission Limited, was transferred at par value to Power Grid Corporation of India Limited, the successful bidder. The transaction included all assets and liabilities and is explicitly confirmed not to be in the nature of a slump sale.
The sale follows the guidelines issued by the Ministry of Power, Government of India. The successful bidder does not belong to the promoter or promoter group of REC Limited, and the transaction does not fall under related-party transactions. The divestment was executed transparently through a tariff-based competitive bidding process, ensuring compliance with regulatory requirements.
REC Limited noted that the contribution of this SPV to the company’s turnover, revenue, or net worth during the last financial year was negligible, highlighting that the divestment aligns with its strategic portfolio optimization.
