REC Limited has transferred its project-specific subsidiaries, Barmer HVDC Power Transmission Limited and Sakoli Power Transmission Limited, along with their respective assets and liabilities, to the successful bidders selected through a tariff-based competitive bidding process. The transfers were completed on September 23, 2026, following receipt of the necessary consideration by REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of REC Limited.
Barmer HVDC Power Transmission Limited has been transferred to Power Grid Corporation of India Limited, while Sakoli Power Transmission Limited has been transferred to Ashoka Buildcon Limited. Each subsidiary comprised 50,000 equity shares held by RECPDCL.
Following the completion of the transfers, both Barmer HVDC Power Transmission Limited and Sakoli Power Transmission Limited have ceased to be subsidiaries of RECPDCL and REC Limited, effective September 23, 2026.
The consideration received for the sale and transfer of Barmer HVDC Power Transmission Limited was ₹18,97,52,835, including taxes, professional fees and reimbursement of expenses. For Sakoli Power Transmission Limited, the consideration was ₹3,05,84,508, including taxes, professional fees and reimbursement of expenses.
The share purchase agreements for both subsidiaries were executed between RECPDCL and the respective successful bidders on September 23, 2026. The transaction details state that the successful bidders do not belong to REC’s promoter or promoter group, and the transactions do not fall within the purview of related-party transactions.
The sale and transfer of both project-specific subsidiaries is not in the nature of a slump sale. The consideration for the transactions was determined in accordance with guidelines issued by the Ministry of Power, Government of India.
