REC Ltd has incorporated a new wholly owned subsidiary, Dharashiv Power Transmission Limited, to facilitate a specific power transmission project in Maharashtra. This entity has been established as a wholly owned subsidiary of REC Power Development and Consultancy Limited (RECPDCL), which itself is a wholly owned subsidiary of REC Ltd. The incorporation follows a Gazette Notification dated February 27, 2026, issued by the Government of Maharashtra, which allocated an intra-state transmission project and appointed RECPDCL as the Bid Process Coordinator (BPC).

New Subsidiary and Project Objectives

Dharashiv Power Transmission Limited was incorporated on July 21, 2026, with the objective of establishing a 400 kV GIS Solapur/Paranda Switching Station in the Dharashiv district. The company is classified as a related party to REC Ltd due to its ownership structure, although the promoter, promoter group, and group companies hold no interest beyond their shareholding. The entity is yet to commence business operations, rendering its turnover not applicable at this stage.

Financial Structure and Acquisition Details

The financial structure of the newly incorporated entity reveals an authorized capital and paid-up capital of ₹5,00,000. The acquisition of 100% shareholding was executed through a 100% subscription to equity share capital in cash at face value. This financial commitment underscores the initial capitalization required to establish the subsidiary before it undertakes its operational mandate.

Role of RECPDCL and Transfer Process

RECPDCL functions as the BPC for the selection of a Transmission Service Provider through the Tariff Based Competitive Bidding (TBCB) process for projects assigned by the Ministry of Power and State Governments. In accordance with TBCB guidelines, Dharashiv Power Transmission Limited is scheduled to be transferred to the successful bidder following the selection process, along with all associated assets and liabilities. This mechanism ensures the eventual operational control is handed over to the selected service provider.

Summary of Recent Incorporations

The following table summarises the key details of the subsidiary incorporated in July 2026:

REC Ltd has appointed Smt. Poonam Chauhan as a Non-Official Independent Director on its Board for a period of three years. The appointment is effective from July 20, 2026, the date of the notification, or until further orders, whichever is earlier. This decision follows an order issued by the Ministry of Power, Government of India, bearing Order No. 46/2/2010-RE(Vol.III) (Part-4)(Part-1).

The company is currently in the process of completing the requisite statutory formalities associated with this appointment. REC Limited stated that further details, in compliance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, will be filed separately with the exchanges.

Appointment Details

The following table summarizes the key details of the appointment:

The notification regarding this appointment was submitted to the exchanges by Dinesh Garg, Company Secretary & Compliance Officer of REC Limited.