REC Limited Announces Transfer of Two Power Transmission SPVs to Resonia and Dilip Buildcon

Mumbai, May 30, 2026: REC Limited has informed stock exchanges that its wholly owned subsidiary, REC Power Development and Consultancy Limited (RECPDCL), has successfully completed the sale and transfer of two project-specific Special Purpose Vehicles (SPVs) following the receipt of the required consideration from successful bidders selected through a tariff-based competitive bidding process.

According to the disclosure filed with the National Stock Exchange (NSE) and BSE, RECPDCL transferred its entire shareholding of 50,000 equity shares each in Hampapura Power Transmission Limited and Mekhali Power Transmission Limited on May 30, 2026.

Successful Bidders for Transmission Projects

The ownership of the two transmission project SPVs has been transferred to the following entities:

• Hampapura Power Transmission Limited → Resonia Limited

• Mekhali Power Transmission Limited → Dilip Buildcon Limited

Following the transfer, both companies have ceased to be subsidiaries of RECPDCL and REC Limited with effect from May 30, 2026.

Transaction Details

For Hampapura Power Transmission Limited, RECPDCL executed the Share Purchase Agreement (SPA) with Resonia Limited on May 30, 2026. The acquisition consideration amounted to ₹8.61 crore (₹8,60,77,476), including taxes, professional fees, and reimbursement of expenses.

For Mekhali Power Transmission Limited, the SPA was signed with Dilip Buildcon Limited on the same date. The acquisition consideration stood at ₹8.06 crore (₹8,05,99,524), including taxes, professional fees, and reimbursement of expenses.

No Related Party Transaction

REC clarified that neither transaction falls under the category of related party transactions. The successful bidders are not part of the promoter group of REC Limited.

The company further stated that the transfers are not in the nature of slump sales. The consideration for the transfer of both SPVs was determined in accordance with guidelines issued by the Ministry of Power, Government of India.

Limited Financial Impact

REC noted that the contribution of both SPVs to the company's turnover, revenue, income, and net worth during the last financial year was negligible.

Strategic Importance

The transfer of project-specific SPVs is a standard practice in India's power transmission sector, where project developers are selected through competitive bidding mechanisms. RECPDCL develops transmission projects and subsequently transfers them to successful bidders for implementation and execution.

The latest transaction reinforces REC's role in facilitating the development of critical power transmission infrastructure across India while enabling private sector participation through a transparent bidding framework.

Key Highlights

• RECPDCL transferred two transmission SPVs on May 30, 2026.

• Hampapura Power Transmission Limited transferred to Resonia Limited.

• Mekhali Power Transmission Limited transferred to Dilip Buildcon Limited.

• Total consideration exceeded ₹16.66 crore.

• Transactions are not related party deals.

• Both transfers were completed through tariff-based competitive bidding.

• The SPVs are no longer subsidiaries of RECPDCL and REC Limited.