REC forms SPVs for two Maharashtra transmission projects
REC Limited has incorporated two special purpose vehicles (SPVs) for the development of intra-state transmission projects in Maharashtra through its wholly owned subsidiary, REC Power Development and Consultancy Limited (RECPDCL), according to a regulatory filing.
The newly incorporated entities, Beed Parli Power Transmission Limited and Yavatmal Power Transmission Limited, were established on July 17 and July 18, 2026, respectively. Both companies have an authorised and paid-up capital of Rs 5,00,000 and are yet to commence business operations.
Project mandate
The incorporations follow Gazette Notifications issued by the Government of Maharashtra on February 27, 2026, appointing RECPDCL as the Bid Process Coordinator (BPC) for two intra-state transmission projects under the Tariff-Based Competitive Bidding (TBCB) framework.
Beed Parli Power Transmission Limited has been formed to develop a 765 kV Air Insulated Substation (AIS) at Parli in Beed district.
Yavatmal Power Transmission Limited will be responsible for implementing a 400 kV AIS project at Bahulgaon in Yavatmal district.
The SPVs have been created to facilitate the competitive bidding process and will serve as project-holding entities until the completion of bidder selection.
TBCB process
In line with TBCB guidelines, the SPVs will be transferred to the successful bidders selected through the competitive process. The transfer will include all assets and liabilities associated with the respective project companies.
RECPDCL has played a similar role in several interstate and intrastate transmission projects, where project-specific SPVs are established and subsequently handed over to the winning transmission developer.
Transaction details
REC stated that both entities are related parties by virtue of being wholly owned subsidiaries through RECPDCL. The acquisition was undertaken through 100% cash subscription at face value, with a consideration of Rs 5,00,000 for each company.
The company also clarified that neither the promoter nor the promoter group has any interest in the entities beyond their shareholding in REC.
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