REC Power Development and Consultancy Limited (RECPDCL) has completed the sale and transfer of two project-specific transmission subsidiaries to successful bidders through a tariff-based competitive bidding process. The transactions involved Jam Khambhaliya Jamnagar Power Transmission Limited and Lakadia II Power Transmission Limited, with both transfers becoming effective on October 12, 2026.
Under the transaction arrangements, the entire shareholding of 50,000 equity shares in each subsidiary was transferred to the respective successful bidders. The transfers also covered the associated assets and liabilities of both entities following the execution of Share Purchase Agreements.
Ceigall India Limited acquired Jam Khambhaliya Jamnagar Power Transmission Limited for a total consideration of ₹18,39,86,174. The amount includes the acquisition price, applicable taxes, professional fees and reimbursement of expenses associated with the transaction.
Meanwhile, Power Grid Corporation of India Limited acquired Lakadia II Power Transmission Limited for a total consideration of ₹18,42,62,593. This amount also includes the acquisition price, applicable taxes, professional fees and expense reimbursements.
The pricing and transfer framework for both project-specific special purpose vehicles was determined in accordance with the guidelines issued by the Ministry of Power. The transactions were undertaken through the prescribed competitive bidding mechanism for the transfer of transmission project entities to the successful bidders.
According to the transaction details, neither acquisition falls within the definition of a related-party transaction. Additionally, neither Ceigall India Limited nor Power Grid Corporation of India Limited belongs to the promoter group of the relevant entities. The disposals were also structured independently of any slump sale or scheme of arrangement.
Following the completion of these transactions, both Jam Khambhaliya Jamnagar Power Transmission Limited and Lakadia II Power Transmission Limited ceased to be subsidiaries of their respective parent organisations with effect from October 12, 2026.
The transfers mark the completion of the divestment process for the two transmission project subsidiaries through competitive bidding.
