REC Limited , a Maharatna company in the power sector, has announced the complete divestment of its stake in Davanagere Power Transmission Limited. The transaction, valued at ₹5.00 crore, involves the sale of REC's entire 100% shareholding to Power Grid Corporation of India Limited.

Transaction Details

According to the company's filing with the stock exchanges, REC Power Development and Consultancy Limited (RECPDCL), a wholly-owned subsidiary of REC Limited, has transferred 50,000 equity shares of Davanagere Power Transmission Limited at par value. This transfer, which took place on September 24, 2025, includes all assets and liabilities of the project-specific Special Purpose Vehicle (SPV).

Financial Impact

The sale is expected to have a minimal financial impact on REC Limited. The company disclosed that the turnover, revenue, income, and net worth contributed by Davanagere Power Transmission during the last financial year were negligible.

Transaction Structure

The divestment was executed through a Share Purchase Agreement (SPA) between RECPDCL and the successful bidder, Power Grid Corporation of India Limited. The consideration for the sale comprises a professional fee of ₹5.00 crore and reimbursement of expenses.

Regulatory Compliance

REC has confirmed that this transaction does not fall within the purview of related party transactions. The sale was conducted in accordance with the guidelines issued by the Ministry of Power, Government of India.

Strategic Implications

This divestment aligns with REC's strategy to streamline its portfolio and focus on its core business activities. The sale to Power Grid Corporation, another major player in the power transmission sector, suggests a consolidation trend in the industry.

REC Limited continues to play a significant role in India's power sector, focusing on financing and promoting electric power transmission, distribution, and renewable energy projects across the country.

REC Limited , a prominent player in India's power sector financing, has announced a significant change in its senior management. The company has appointed Shri Prince Dhawan, an Indian Administrative Service (IAS) officer, as its new Executive Director, effective September 23, 2025.

New Leadership at REC

Prince Dhawan brings a wealth of experience and an impressive educational background to his new role at REC Limited. An IAS officer from the AGMUT (Arunachal Pradesh, Goa, Mizoram, and Union Territories) cadre of the 2012 batch, Dhawan's appointment marks a strategic addition to the company's leadership team.

Educational Background

Dhawan's academic credentials are noteworthy:

• Bachelor's and Master's degrees from the prestigious Indian Institute of Technology (IIT) Delhi
• Master's in Public Administration from Harvard University's Kennedy School of Government, Cambridge, USA

Prior Experience

Before joining REC Limited, Shri Prince Dhawan served in key positions in the Government of NCT of Delhi. His roles included:

• Managing Director of Delhi Transport Corporation (DTC)
• Special Commissioner (Transport) for the Government of NCT of Delhi

These positions have likely equipped Dhawan with valuable experience in public administration and infrastructure management, which could prove beneficial in his new role at REC Limited.

Significance of the Appointment

This appointment represents a change in REC Limited's senior management at one level below the Board of Directors. The company, which plays a crucial role in financing and promoting projects in the power sector, is likely looking to leverage Dhawan's expertise in public administration and his understanding of government operations to further its objectives.

REC Limited's decision to bring in an IAS officer with diverse experience and international education reflects the company's commitment to strengthening its leadership team. As the power sector continues to evolve, particularly with the increasing focus on renewable energy and modernization of the grid, Dhawan's appointment could help REC navigate the changing landscape of power sector financing and development in India.

The company's stakeholders will be keenly watching how this new addition to the executive team influences REC's strategies and operations in the coming years.