REC arm RECPDCL transfers two transmission SPVs to successful bidders

New Delhi: REC Limited on Wednesday said its wholly-owned subsidiary, REC Power Development and Consultancy Limited (RECPDCL), has transferred its entire shareholding in two project-specific special purpose vehicles (SPVs) to the successful bidders selected through tariff-based competitive bidding (TBCB).

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The transferred SPVs are Bhadla Ramgarh Power Transmission Limited and Shongtong Power Transmission Limited. Following the completion of the transaction on July 29, both entities have ceased to be subsidiaries of RECPDCL and REC Limited.

According to the regulatory filing, Power Grid Corporation of India Limited (PGCIL) has acquired Bhadla Ramgarh Power Transmission Limited, while Terralight Solar Energy Tinwari Private Limited has acquired Shongtong Power Transmission Limited through the competitive bidding process.

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The company said the share purchase agreements (SPAs) with the successful bidders were executed on July 29, 2026, after RECPDCL received the necessary consideration. The transfer included the entire shareholding of 50,000 equity shares in each SPV along with all their assets and liabilities.

For the acquisition of Bhadla Ramgarh Power Transmission Limited, the consideration amounted to Rs 20.41 crore (including taxes), while Rs 12.86 crore (including taxes) was received for the transfer of Shongtong Power Transmission Limited. The consideration includes professional fees and reimbursement of expenses.

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