New Delhi: REC Power Development and Consultancy Limited (RECPDCL), a wholly-owned subsidiary of REC Limited, has transferred its entire shareholding in Ryapte Power Transmission Limited to Tata Power Company Limited, the successful bidder selected through a tariff-based competitive bidding (TBCB) process, REC disclosed to the stock exchanges on July 30.

With effect from that date, the project-specific SPV ceases to be a subsidiary of RECPDCL and REC.

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50,000 shares transferred with assets and liabilities

REC said that, after RECPDCL received the necessary consideration, "the entire shareholding of Ryapte Power Transmission Limited, comprising of 50,000 equity shares, held by RECPDCL, has been transferred along with all its assets and liabilities on July 30, 2026 to the successful bidder selected through tariff based competitive bidding process." The company said that "with effect from the aforesaid date, the above project specific SPV/subsidiary is not the subsidiary of RECPDCL & REC Limited."

Consideration of Rs 10.87 crore, inclusive of taxes and fees

The Share Purchase Agreement (SPA) was executed between RECPDCL and the successful bidder on July 30, the same date set for completion of the disposal, according to the annexure. On the amount, REC said the "Consideration comprises of acquisition price of Rs 10,86,62,034/- (including taxes) which is inclusive of professional fee and reimbursement of expenses."

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REC said the transfer "is not in the nature of slump sale." It added that "the consideration for sale & transfer of SPV is determined in accordance with the Guidelines issued from time to time by the Ministry of Power, Government of India."

A pre-operational project SPV

REC described the turnover, revenue, income and net worth contributed by the unit during the last financial year as "Negligible." Ryapte Power Transmission Limited is a project-specific special purpose vehicle of the kind incorporated to build a transmission asset before it is handed to the bidder that wins the right to build, own and operate it under the TBCB route.

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