Power Finance Corporation Ltd. (PFC), a Maharatna company and a Government of India undertaking, has announced the transfer of one of its wholly owned subsidiaries, KPS III HVDC Transmission Limited, to Adani Energy Solutions Limited. The transaction was completed on December 12, 2025, after Adani Energy Solutions emerged as the successful bidder.
KPS III HVDC Transmission Limited was set up to develop the transmission system for the evacuation of power from a potential renewable energy zone in the Khavda area of Gujarat under Phase-V, with a planned capacity of 8 GW. The project is part of the broader transmission infrastructure required to support large-scale renewable energy integration from the region.
The subsidiary was originally under PFC Consulting Limited, which is itself a wholly owned subsidiary of Power Finance Corporation. Following the completion of the bidding process, the transfer of the Special Purpose Vehicle to the successful bidder was carried out on the same date, in line with the applicable procedures.
PFC stated that KPS III HVDC Transmission Limited did not make any significant contribution to the listed entity’s turnover, revenue, income, or net worth during the last financial year. As per the Share Purchase Agreement, PFC received a total consideration of Rs. 20,32,54,965 for the sale and transfer of the subsidiary.
The company also clarified that Adani Energy Solutions Limited does not belong to PFC’s promoter or promoter group. As a result, the transaction does not qualify as a related party transaction. PFC further confirmed that the transfer is not in the nature of a slump sale.
According to the disclosure, the consideration for the sale was determined in accordance with the guidelines issued by the Ministry of Power, Government of India. The required details of the transaction were duly submitted to the National Stock Exchange of India Limited and BSE Limited for their records.
PFC said the transfer reflects the completion of the mandated process for handing over the SPV to the successful bidder and aligns with the established framework for development of transmission projects linked to renewable energy zones.
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