REC Limited, through its wholly-owned subsidiary REC Power Development & Consultancy Limited (RECPDCL), has successfully completed the sale of its two subsidiaries, Bikaner A Power Transmission Limited and Bikaner B Power Transmission Limited, to Power Grid Corporation of India Limited.
This strategic divestment, concluded on November 11, 2024, was executed under a tariff-based competitive bidding process aimed at ensuring transparency and maximizing value.
As part of the transaction, RECPDCL transferred the entire shareholding of both subsidiaries, comprising 50,000 equity shares each, along with all associated assets and liabilities, to Power Grid Corporation at par value.
This move aligns with REC’s commitment to streamline operations and focus on core business areas. The divestment is expected to enhance operational efficiencies within REC while enabling Power Grid Corporation to strengthen its power transmission portfolio in India. The financial details of the transaction were not disclosed, though it included considerations for professional fees and reimbursement of expenses, amounting to approximately ₹15 crore.
