REC Limited has announced that its wholly owned subsidiary, REC Power Development and Consultancy Limited (RECPDCL), has transferred its entire shareholding in Nawada Durgapur Power Transmission Limited to Shivalaya Construction Limited for a consideration of ₹18,44,62,442, including taxes, professional fees and reimbursement of expenses.
According to REC Limited’s regulatory disclosure dated October 16, 2026, the transaction was completed on October 16, 2026, following the receipt of the necessary consideration. The transfer includes all assets and liabilities of Nawada Durgapur Power Transmission Limited, along with its entire shareholding comprising 50,000 equity shares.
The successful bidder, Shivalaya Construction Limited, was selected through a tariff-based competitive bidding process. REC Limited confirmed that, with effect from October 16, 2026, Nawada Durgapur Power Transmission Limited ceased to be a subsidiary of both RECPDCL and REC Limited.
As disclosed in the accompanying annexure, the company’s contribution to REC Limited’s turnover, revenue or income and net worth during the last financial year was negligible. The transaction does not fall within the purview of related-party transactions, and the successful bidder does not belong to the promoter or promoter group.
REC Limited further stated that the sale and transfer are not in the nature of a slump sale. The consideration for the transfer of the project-specific subsidiary was determined in accordance with the guidelines issued by the Ministry of Power, Government of India.
