REC sells two project subsidiaries to Power Grid Corp

REC Limited (RECLTD) has sold its entire shareholding of two project-specific subsidiaries, Bidar Transco Limited and Khavda V-B1B2 Power Transmission Limited, to Power Grid Corporation of India Limited. The transaction, effective February 18, 2025, involved the transfer of 50,000 equity shares of each subsidiary at par value, along with all assets and liabilities. REC received necessary consideration through its wholly-owned subsidiary, REC Power Development & Consultancy Limited (RECPDCL). The selection of Power Grid Corporation as the successful bidder resulted from a tariff-based competitive bidding process. The consideration for the transaction includes a professional fee of ₹5 crore for each subsidiary, plus reimbursement of expenses. These project SPVs/subsidiaries are no longer subsidiaries of RECPDCL & REC.