REC Limited said in a BSE filing on August 21, 2026, that its wholly owned subsidiary REC Power Development and Consultancy Limited (RECPDCL) had completed the REC SPV sale involving Luhri Power Transmission Limited. The project-specific company was transferred to Terralight Solar Energy Tinwari Private Limited, the successful bidder selected through a tariff-based competitive bidding process.

RECPDCL transferred its entire holding of 50,000 equity shares in Luhri Power Transmission, together with all the SPV’s assets and liabilities, after receiving the necessary consideration. The transfer took effect on August 21, 2026.

Consequently, Luhri Power Transmission ceased to be a subsidiary of both RECPDCL and REC Limited from that date. REC made the disclosure under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Consideration and transaction details

The share purchase agreement between RECPDCL and the successful bidder was executed on August 21, 2026, the same date on which the sale and transfer were completed.

  • The consideration received was ₹4,12,61,898, including taxes.
  • The amount included the professional fee and reimbursement of expenses.
  • The SPV’s contribution to REC’s turnover, revenue, income and net worth during the last financial year was described as negligible.
  • The buyer does not belong to REC’s promoter or promoter group.

The filing identified the buyer as Terralight Solar Energy Tinwari Private Limited and confirmed that it had emerged as the successful bidder through the prescribed competitive bidding route.

Not a related-party or slump-sale transaction

REC clarified that the transfer does not fall within the scope of a related-party transaction. The disclosure also stated that the sale and transfer are not in the nature of a slump sale.

The company said the consideration for transferring the project-specific SPV was determined in accordance with guidelines issued from time to time by the Ministry of Power, Government of India. Provisions relating to a sale outside a scheme of arrangement, including compliance with Regulation 37A of the listing regulations, were marked as not applicable.

REC Limited is a Government of India enterprise with Maharatna status. RECPDCL, which held and transferred the SPV, is its wholly owned subsidiary.

Source: BSE corporate announcement.