REC Ltd Transfers Entire Shareholding of Two Subsidiaries to Successful Bidders

REC Ltd, through its wholly owned subsidiary RECPDCL, has transferred the entire shareholding of two subsidiaries, Bidar Transco Limited and Khavda V-B1B2 Power Transmission Limited, to successful bidders selected through a tariff based competitive bidding process. The transfer took place on February 18, 2025. The project specific SPVs/subsidiaries are no longer subsidiaries of RECPDCL and REC. The consideration for the sale includes professional fees and reimbursement of expenses. The successful bidders, Power Grid Corporation of India Limited, do not belong to the promoter or promoter group. The sale is not in the nature of a slump sale and the consideration is determined in accordance with the Guidelines issued by the Ministry of Power, Government of India.