REC Limited, a Maharatna Government of India enterprise, has announced the sale and transfer of its project-specific special purpose vehicle, Umred Power Transmission Limited, to Maharashtra State Electricity Transmission Company Limited after receiving the required consideration. The transaction was executed on February 26, 2026, through its wholly owned subsidiary, REC Power Development and Consultancy Limited, following a tariff-based competitive bidding process.
With the completion of the transfer of 50,000 equity shares at par value, along with all associated assets and liabilities, Umred Power Transmission Limited has ceased to be a subsidiary of both RECPDCL and REC Limited, effective from the same date.
According to the disclosure, the share purchase agreement between RECPDCL and the successful bidder was signed on February 26, 2026. The total consideration for the transaction amounts to ₹2,34,28,481, which includes the acquisition price along with professional fees, reimbursement of expenses, and applicable taxes.
REC clarified that the buyer does not belong to its promoter or promoter group and the transaction does not fall under related-party transactions. Additionally, the sale is not categorized as a slump sale and has been carried out in accordance with guidelines issued by the Ministry of Power, Government of India.
The contribution of the transferred unit to REC’s turnover, revenue, income, and net worth in the last financial year was reported as negligible. The company communicated the development to the stock exchanges in compliance with regulatory disclosure requirements.
