REC Limited has informed the stock exchanges that its wholly owned subsidiary, REC Power Development and Consultancy Limited (RECPDCL), has incorporated two Special Purpose Vehicles (SPVs) for the development of intra-state transmission projects in Maharashtra.
The newly incorporated entities – Beed Parli Power Transmission Limited and Yavatmal Power Transmission Limited, have been established as wholly owned subsidiaries of RECPDCL. In terms of Section 2(87) of the Companies Act, 2013, both entities are also subsidiaries of REC Limited.
Beed Parli Power Transmission Limited was incorporated on July 17, 2026, with an authorised capital of ₹5 lakh and a paid-up capital of ₹5 lakh. The SPV has been formed for the establishment of the 765 kV AIS Parli transmission project in Beed district, Maharashtra. The project was allocated by the Government of Maharashtra through a Gazette Notification dated February 27, 2026, under which RECPDCL was appointed as the Bid Process Coordinator (BPC).
Yavatmal Power Transmission Limited was incorporated on July 18, 2026, with an authorised capital of ₹5 lakh and a paid-up capital of ₹5 lakh. The SPV has been established for the development of the 400 kV AIS Yavatmal (Babhulgaon) transmission project in Yavatmal district, Maharashtra. RECPDCL has also been designated as the BPC for this project under the same state government notification.
REC stated that both entities are newly incorporated companies and have not yet commenced business operations. Following the selection of successful Transmission Service Providers through the Tariff-Based Competitive Bidding (TBCB) process, the respective SPVs will be transferred to the successful bidders along with all associated assets and liabilities.
The two SPVs operate in the power sector and have been incorporated through a 100% subscription to equity share capital in cash at face value, resulting in complete ownership by RECPDCL.
The company further clarified that both entities are related parties by virtue of being wholly owned subsidiaries of RECPDCL. However, neither the promoter nor the promoter group has any interest in the SPVs beyond their shareholding.
RECPDCL serves as the Bid Process Coordinator for the selection of Transmission Service Providers through the TBCB route for independent inter-state and intra-state transmission projects assigned by the Ministry of Power and various state governments.
