Power Finance Corporation Limited (PFC) has announced the successful transfer of two Special Purpose Vehicles (SPVs) — Fatehgarh II and Barmer I PS Transmission Limited, and Chitradurga Bellary REZ Transmission Limited — to Power Grid Corporation of India Limited for a combined consideration of Rs 26.57 crore. The transfer was completed on March 21, 2025.
These SPVs were wholly owned subsidiaries of PFC Consulting Limited, which in turn is a wholly owned subsidiary of Power Finance Corporation. The transfer was made to Power Grid Corporation, which emerged as the successful bidder through a transparent bidding process.
Fatehgarh II and Barmer I PS Transmission Limited was established for the development of transmission infrastructure at Fatehgarh-II PS, Fatehgarh-IV PS (Section-II), and Barmer-I PS. The second SPV, Chitradurga Bellary REZ Transmission Limited, was created for the integration of renewable energy zones (REZ) in Davanagere, Chitradurga, and Bellary in Karnataka.
The sale of Fatehgarh II and Barmer I PS Transmission Limited was valued at Rs 6.85 crore, while Chitradurga Bellary REZ Transmission Limited was sold for Rs 19.71 crore. The buyer, Power Grid Corporation of India Limited, does not belong to the promoter or promoter group of PFC.
PFC clarified that the transaction does not qualify as a related party transaction and is not in the nature of a slump sale. The sale and transfer of the SPVs have been carried out in accordance with guidelines issued by the Ministry of Power, Government of India.
