Power Finance Corporation Limited (PFC), a Maharatna Government of India undertaking, has completed the sale and transfer of two wholly owned subsidiaries involved in power transmission projects. The transactions were completed on September 28, 2026.
The two entities, Latur REZ Transmission Limited and Raigad Power Transmission Limited, were established through PFC Consulting Limited, a wholly owned subsidiary of PFC, for the development of transmission infrastructure projects.
Latur REZ Transmission Limited was set up for the development of the 400/220/132 kV AIS Latur transmission project. PFC has transferred the company to Montecarlo Energy Limited for a total consideration of Rs. 3,71,81,895. The transfer was completed in accordance with the terms of the relevant Share Purchase Agreement.
Raigad Power Transmission Limited was established for the development of the 765/400/220 kV AIS Kandalgaon transmission project in Raigad district, Maharashtra. The company has been transferred to Apraava Energy Private Limited for a consideration of Rs. 7,40,55,693 under its respective Share Purchase Agreement.
PFC stated that both subsidiaries had a negligible contribution to the listed company’s turnover, revenue, income and net worth during the preceding financial year.
The company also clarified that neither Montecarlo Energy Limited nor Apraava Energy Private Limited belongs to PFC’s promoter or promoter group. Therefore, the transactions do not fall under related party transactions.
PFC further stated that the transfers were not in the nature of slump sales. The consideration for each special purpose vehicle was determined in accordance with the regulatory guidelines issued by the Ministry of Power, Government of India.
The completion of these transactions represents the transfer of the respective project-specific transmission companies to their successful buyers. PFC formally disclosed the development to the National Stock Exchange of India Limited and BSE Limited through a regulatory filing.
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