REC transfers two Maharashtra transmission SPVs

REC Power Development and Consultancy Limited (RECPDCL) has transferred its entire shareholding in two project-specific special purpose vehicles (SPVs), Velgaon Power Transmission Limited and Jejuri Hinjewadi Power Transmission Limited, to successful bidders selected through a tariff-based competitive bidding (TBCB) process.

The divestments were completed through separate Share Purchase Agreements signed on 9 January 2026. Jejuri Hinjewadi Power Transmission Limited was acquired by The Tata Power Company Limited, while Velgaon Power Transmission Limited was acquired by Ceigall India Limited.

Both SPVs were incorporated in March 2025 to develop intrastate transmission projects in Maharashtra under the Build Own Operate Transfer (BOOT) model.  

Jejuri Hinjewadi Power Transmission will implement a transmission scheme aimed at relieving constraints in Pune Region I and meeting data centre power demand. The project includes around 115 km of a 400 kV double circuit transmission line between Jejuri and Hinjewadi substations, along with the extension of two 400 kV indoor gas-insulated switchgear (GIS) bays at each end. The scheduled commercial operation date is 24 months from acquisition. 

Tata Power received the Letter of Intent for the project in December 2025. The company recently commissioned the first major milestone of the Jalpura-Khurja project, the 1,000 MVA Metro Depot Substation in Greater Noida, on schedule.  

Velgaon Power Transmission will develop a new substation project in the Mumbai Metropolitan Region. The scope includes a 400/220 kV, 3×500 MVA GIS substation at Velgaon and line-in-line-out works on five existing 400 kV and 220 kV transmission lines. The project is scheduled for completion within 18 months from the effective date. 

Ceigall India was declared the L1 bidder for the scheme in November 2025 with a quoted tariff of around Rs 58.50 crore, against an estimated project cost of Rs 380 crore.

REC stated that bids for both projects were invited in March 2025 and attracted participation from major transmission sector players. The divestments conclude the competitive process initiated for the development of these projects. The disclosures were made under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The featured photograph is for representation only.