REC Limited, a Maharatna Government of India enterprise, has completed the sale and transfer of its project-specific special purpose vehicle (SPV), Musalgaon Power Transmission Limited, to Maharashtra State Electricity Transmission Company Limited (MSETCL). The transaction was completed on September 9, 2026, following a tariff-based competitive bidding process.
The transfer was carried out through REC’s wholly-owned subsidiary, REC Power Development and Consultancy Limited (RECPDCL). Under the Share Purchase Agreement signed on September 9, the entire shareholding of Musalgaon Power Transmission Limited, comprising 50,000 equity shares, along with its associated assets and liabilities, was transferred to MSETCL.
Following the transaction, Musalgaon Power Transmission Limited ceased to be a subsidiary of both RECPDCL and REC Limited with effect from September 9, 2026.
RECPDCL received total consideration of ₹2,20,89,930, including applicable taxes. The amount covered the acquisition price, professional fees, and reimbursement of expenses associated with the transaction. The valuation and transfer terms were determined in accordance with guidelines issued by the Ministry of Power.
REC stated that MSETCL is not part of the promoter or promoter group and that the transaction does not qualify as a related-party transaction. The company also clarified that the disposal was not structured as a slump sale.
Before the transfer, Musalgaon Power Transmission Limited had a negligible contribution to REC Limited’s overall turnover, revenue, and net worth during the preceding financial year.
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