PFC Consulting Limited, a wholly owned subsidiary of Power Finance Corporation Limited, has announced the transfer of two of its wholly owned subsidiaries. The transfer was completed on January 16, 2025, to the successful bidders following the established process.
The first subsidiary, Gadag II and Koppal II Transmission Limited was established for the system strengthening of Koppal-II and Gadag-II to support the integration of renewable energy generation projects. This entity has been transferred to Power Grid Corporation of India Limited.
The second subsidiary, Bijapur REZ Transmission Limited, was created to implement the transmission scheme to integrate renewable energy zones (REZ) in Bijapur, Karnataka. This company has been transferred to G R Infraprojects Limited.
Both subsidiaries had negligible contributions to the turnover, revenue, or net worth of PFC Consulting Limited during the last financial year. The sale and transfer agreements for these special purpose vehicles (SPVs) were finalized and executed on January 16, 2025.
The transaction aligns with the intention to facilitate renewable energy integration through efficient transmission infrastructure development. The transfer of these subsidiaries marks a significant step in achieving enhanced connectivity for renewable energy projects in Karnataka.
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