REC Transfers Umred Power Transmission Ltd to Maharashtra State Electricity Transmission Company
New Delhi: REC Limited has announced the sale and transfer of project-specific SPV Umred Power Transmission Limited, following the completion of a tariff-based competitive bidding (TBCB) process.
The disclosure was made to National Stock Exchange of India Limited (Scrip Code: RECLTD) and BSE Limited (Scrip Code: 532955) on February 26, 2026, under Regulation 30 of the SEBI (LODR) Regulations, 2015.
Transfer Executed by RECPDCL
The transaction was carried out by REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of REC Limited.
After receipt of the necessary consideration, RECPDCL transferred its entire shareholding of 50,000 equity shares in Umred Power Transmission Limited at par value, along with all associated assets and liabilities.
With effect from February 26, 2026, the SPV has ceased to be a subsidiary of both RECPDCL and REC Limited.
Buyer Details
The successful bidder selected through the competitive bidding process is Maharashtra State Electricity Transmission Company Limited (MSETCL).
REC clarified that the buyer does not belong to the promoter or promoter group, and the transaction does not qualify as a related party transaction.
Transaction Value and Structure
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Total Consideration: ₹2,34,28,481 (approx.)
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The amount includes acquisition price, professional fees, reimbursement of expenses and applicable taxes.
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The sale is not in the nature of a slump sale.
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The consideration has been determined in accordance with guidelines issued by the Ministry of Power, Government of India.
The contribution of the SPV to REC’s turnover, revenue and net worth during the last financial year was stated as negligible.
Strategic Context
REC, a Maharatna CPSE under the Government of India, regularly incorporates and transfers SPVs under the tariff-based competitive bidding mechanism for development of power transmission projects. Upon successful bidding, the SPV is transferred to the winning bidder for project implementation.
The transfer of Umred Power Transmission Limited aligns with this established model and reflects continued progress in India’s power transmission infrastructure development.