REC sells four project SPVs to successful bidders

REC Limited (BSE: RECLTD) has announced the sale and transfer of four project-specific Special Purpose Vehicles (SPVs) to successful bidders. The decision was made after REC Power Development and Consultancy Limited (RECPDCL), a wholly-owned subsidiary of REC, received necessary consideration. All shareholdings, consisting of 50,000 equity shares of each subsidiary, have been transferred at par value along with all assets and liabilities on March 24, 2025. The subsidiaries involved are Banaskantha Transco Limited, Kurnool-IV Transmission Limited, Rajasthan V Power Transmission Limited (acquired by Power Grid Corporation of India Limited), and Ratle Kiru Power Transmission Limited (acquired by IndiGrid 2 Private Limited). The deals include professional fees of ₹5 crore, ₹15 crore, ₹15 crore, and ₹9.98 crore to the acquired companies, respectively. This is in addition to reimbursement of expenses. As a result of the transaction, these SPVs are no longer subsidiaries of RECPDCL or REC.