REC Limited has announced the transfer of its project-specific Special Purpose Vehicle (SPV), Jalna Power Transmission Limited, to Maharashtra State Electricity Transmission Company Limited (MSETCL) after the successful completion of a tariff-based competitive bidding (TBCB) process.
The transaction was executed through REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of REC Limited. Following the receipt of the required consideration, RECPDCL transferred its entire shareholding of 50,000 equity shares in Jalna Power Transmission Limited, along with all associated assets and liabilities, to the successful bidder on June 12, 2026.
With the completion of the transfer, Jalna Power Transmission Limited has ceased to be a subsidiary of both RECPDCL and REC Limited with immediate effect.
According to the company’s regulatory filing, the total consideration received for the transfer amounted to ₹3.22 crore, including applicable taxes, professional fees, and reimbursement of expenses. A Share Purchase Agreement (SPA) governing the transaction was executed between RECPDCL and Maharashtra State Electricity Transmission Company Limited on June 12, 2026.
Maharashtra State Electricity Transmission Company Limited emerged as the successful bidder through the competitive bidding process. REC clarified that the acquiring entity does not belong to the promoter group or promoter group companies of REC Limited.
The company further stated that the transaction does not qualify as a related-party transaction and is not in the nature of a slump sale. REC noted that the consideration for the transfer of the SPV was determined in accordance with the guidelines issued by the Ministry of Power, Government of India.
REC also disclosed that the turnover, revenue, income contribution, and net worth impact of Jalna Power Transmission Limited on the listed entity during the previous financial year were negligible.
