REC Sells Musalgaon Power Transmission Limited to MSETCL for ₹1.21 Crore

New Delhi, 9 September 2026: REC Limited has informed the stock exchanges about the sale and transfer of its project-specific special purpose vehicle (SPV).

REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of REC Limited, has transferred the entire shareholding of Musalgaon Power Transmission Limited to the successful bidder.

Key Details of the Transaction

• SPV Name: Musalgaon Power Transmission Limited

• Number of Shares Transferred: 50,000 equity shares

• Transfer Date: 9 September 2026

• Buyer: Maharashtra State Electricity Transmission Company Limited (MSETCL)

• Consideration Received: ₹1,20,89,930 (including taxes)

• Nature of Transaction: Sale and transfer of entire shareholding along with all assets and liabilities

The transfer was carried out after receipt of necessary consideration. With effect from 9 September 2026, Musalgaon Power Transmission Limited has ceased to be a subsidiary of RECPDCL and REC Limited.

Other Important Points

• The SPV was selected through a tariff-based competitive bidding process.

• The contribution of the SPV to the turnover, revenue, income, and net worth of REC Limited during the last financial year was negligible.

• The transaction does not fall under related party transactions.

• The buyer (MSETCL) does not belong to the promoter or promoter group of REC Limited.

• The transaction is not in the nature of a slump sale.

• Consideration was determined as per the guidelines issued by the Ministry of Power, Government of India.

The disclosure has been made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Quick Summary

This is a routine transfer of a project-specific SPV after completion of the competitive bidding process.