REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of REC Limited, transferred its entire holding in Nawada Durgapur Power Transmission Limited to Shivalaya Construction Limited on October 16, 2026. The reported consideration was ₹18,44,62,442, including taxes and reimbursements—approximately ₹18.44 crore. The transfer covered the project company’s assets and liabilities, and the SPV ceased to be a subsidiary of both RECPDCL and REC Limited on the effective date.
What RECPDCL sold
The transaction involved Nawada Durgapur Power Transmission Limited, a project-specific special purpose vehicle (SPV) created for a power-transmission project. RECPDCL transferred all 50,000 equity shares it held in the SPV. Because the entire shareholding changed hands, the transaction moved control of the project company—not merely selected equipment or contracts—to the successful bidder.
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| Transaction detail | Reported information |
|---|---|
| Seller | REC Power Development and Consultancy Limited (RECPDCL), wholly owned by REC Limited |
| SPV | Nawada Durgapur Power Transmission Limited |
| Buyer | Shivalaya Construction Limited |
| Transfer date | October 16, 2026 |
| Shares transferred | 50,000 equity shares, representing RECPDCL’s entire holding |
| Consideration | ₹18,44,62,442, inclusive of taxes and reimbursements |
| Result | The SPV left the subsidiary perimeter of RECPDCL and REC Limited |
The ₹18.44 crore figure is rounded from the reported amount and should not be read as a price excluding taxes, reimbursable expenses or other transaction components.
Who bought Nawada Durgapur Power Transmission Limited?
Shivalaya Construction Limited was selected through a tariff-based competitive-bidding process for the transmission project. In this structure, bidders compete for the right to provide transmission services under the tariff and conditions set in the tender. The winning bidder then takes over the designated project SPV, allowing the project’s ownership and implementation responsibilities to move to the selected transmission service provider.
REC disclosed an earlier transaction that places this purchase in context: RECPDCL handed Ananthapuram II Power Transmission Limited, another inter-state transmission-project SPV, to Shivalaya Construction on October 17, 2025. That earlier handover indicates that Shivalaya has previously won and taken delivery of an RECPDCL-sponsored transmission vehicle; it does not, by itself, establish that the two projects have the same geography, tariff or construction scope.
How a tariff-based competitive-bidding SPV transfer works
- Project SPV is established. RECPDCL incorporates or holds a company dedicated to a particular transmission project. Keeping the project in a separate company isolates its contracts, financing, assets and liabilities from other activities.
- Transmission provider is selected. A tariff-based competitive-bidding process invites eligible infrastructure bidders to compete on the tariff for the transmission service. The bidder meeting the tender’s requirements on the most competitive terms is selected.
- Share-transfer obligations are completed. The successful bidder pays the consideration and satisfies the transaction conditions. RECPDCL then transfers its complete shareholding in the project SPV.
- Assets and liabilities move with the company. Since the buyer acquires the SPV’s shares, the project company continues to own its assets and remains responsible for its liabilities, contracts and project obligations, subject to the transaction documents and applicable approvals.
- Subsidiary status changes. Once the transfer becomes effective, RECPDCL no longer controls the SPV. REC’s disclosures describe the resulting position as: “Hence, with effect from the aforesaid date, the above project specific SPV/subsidiary is not the subsidiary of RECPDCL & REC Limited.”
Did REC lose a subsidiary after the sale?
Yes. Nawada Durgapur Power Transmission Limited stopped being a subsidiary of RECPDCL and REC Limited on October 16, 2026. This is a change in corporate control and consolidation perimeter, not evidence that REC abandoned transmission development altogether. RECPDCL’s recurring role in this model is to prepare project SPVs and transfer them after competitive selection of the transmission service provider.
For REC, the practical effects are that the sold company is no longer part of its subsidiary structure and future project-level assets, liabilities, revenue and costs belong to the new owner, subject to accounting and contractual treatment. The reported consideration is the amount attributed to this transfer; the available announcement does not state a separate profit, loss or valuation multiple.
Rank #2
- APPLICATION: 1. Robots, Automation Equipment. 2. RC Toys Cars, Transmission Systems 3. Electrical Engineering Machinery
- SIZE: Voltage: DC 6V; Material: Metal; RPM: 15; Reduction Ratio: 1:298; Shaft diameter: 3mm/0.12 inch; Rated Power: 0.5w; Rated Torque: 4; Output Shaft Length: 10mm/0.39 inch; Package of:Mini Metal Gearbox Motors
- FEATURE: 1.The main body of the motor is made of metal material, the surface is glossy and the color is golden, which not only improves the appearance of the product texture, but also ensures its durability and stability. 2.The circular gearbox inside the motor is designed with multiple teeth to precisely transmit power and reduce energy loss. 3.Suitable for a variety of application occasions such as toys, robots, automation equipment and other small mechanical devices.
- FUNCTION: Its main function is to transmit torque and speed changes. By combining gears of different sizes and tooth numbers internally, different speed ratios between the input shaft and output shaft can be achieved, thereby achieving the purpose of deceleration, acceleration, or changing the direction of rotation. Widely used in lines such as robots, automation equipment, transmission systems, and engineering machinery.
- NOTE: Select the right power and torque for your application before purchasing. Consider the application occasions of motors, such as automation equipment, toys, robots, etc. Different application occasions may have different requirements for motors.
What the announcement does—and does not—establish
- The reported event date is October 16, 2026, and the reported consideration includes taxes and reimbursements.
- The transfer covered 50,000 shares and the SPV’s assets and liabilities through the change in ownership of the company.
- Shivalaya Construction was the successful tariff-based competitive-bidding participant for this SPV.
- The available amount and event details come from a contemporaneous secondary report. REC’s official disclosures corroborate the SPV-transfer mechanism and the subsidiary-status consequence, but an exact primary REC or stock-exchange filing for the Nawada Durgapur transaction was not identified in the material available for this report.
- No separate figures were stated for the project’s transmission capacity, construction cost, debt, operating revenue, profitability or the tariff awarded to Shivalaya.
Why the transaction matters for transmission projects
India’s tariff-based bidding model is designed to separate project preparation from long-term ownership and operation. A dedicated SPV gives bidders a defined legal vehicle with project-specific rights and obligations, while competitive bidding determines the transmission service provider. For RECPDCL, transferring the SPV after selection recycles its development role into future projects. For Shivalaya, acquiring the company provides control of an already designated transmission vehicle rather than requiring the bidder to create a new project company after winning the tender.
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Rank #4
- APPLICATION: 1. Robots, Automation Equipment. 2. RC Toys Cars, Transmission Systems 3. Electrical Engineering Machinery
- SIZE: Voltage: DC 6V; Material: Metal; RPM: 50; Reduction Ratio: 1:298; Shaft diameter: 3mm/0.12 inch; Rated Power: 0.5w; Rated Torque: 13; Output Shaft Length: 10mm/0.39 inch; Package of:Mini Metal Gearbox Motors
- FEATURE: 1.The main body of the motor is made of metal material, the surface is glossy and the color is golden, which not only improves the appearance of the product texture, but also ensures its durability and stability. 2.The circular gearbox inside the motor is designed with multiple teeth to precisely transmit power and reduce energy loss. 3.Suitable for a variety of application occasions such as toys, robots, automation equipment and other small mechanical devices.
- FUNCTION: Its main function is to transmit torque and speed changes. By combining gears of different sizes and tooth numbers internally, different speed ratios between the input shaft and output shaft can be achieved, thereby achieving the purpose of deceleration, acceleration, or changing the direction of rotation. Widely used in lines such as robots, automation equipment, transmission systems, and engineering machinery.
- NOTE: Select the right power and torque for your application before purchasing. Consider the application occasions of motors, such as automation equipment, toys, robots, etc. Different application occasions may have different requirements for motors.
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