Power Finance Corporation Limited (PFC), a Maharatna public sector undertaking under the Government of India, has completed the transfer of two wholly-owned step-down subsidiaries to successful commercial bidders. The transactions involving Latur REZ Transmission Limited and Raigad Power Transmission Limited were completed on September 28, 2026.
Both companies were special purpose vehicles (SPVs) established under PFC Consulting Limited, a wholly-owned subsidiary of PFC, for the development of transmission infrastructure projects.
Latur REZ Transmission Limited was incorporated for the development of the “Establishment of 400/220/132 kV AIS Latur” transmission project. The SPV has been transferred to Montecarlo Energy Limited under the terms of the applicable Share Purchase Agreement.
PFC received a total consideration of ₹3,71,81,895 for the transfer of Latur REZ Transmission Limited. The amount includes the consideration agreed for the sale and transfer of the SPV in accordance with the prescribed transaction process.
At the same time, Raigad Power Transmission Limited, which was established for the “Establishment of 765/400/220 kV AIS Kandalgaon (Dist. Raigad)” project, has been transferred to Apraava Energy Private Limited.
The transaction for Raigad Power Transmission Limited generated total consideration of ₹7,40,55,693 for PFC under the respective Share Purchase Agreement.
PFC said both subsidiaries had a negligible contribution to its overall financial performance during the previous financial year. Their contribution to the parent company’s turnover, revenue, income and net worth was insignificant in terms of both amount and percentage.
The company also clarified that Montecarlo Energy Limited and Apraava Energy Private Limited are not part of PFC’s promoter or promoter group. Therefore, the transactions do not qualify as related party transactions under the applicable regulatory framework.
PFC further stated that the transfer of the two SPVs does not constitute a slump sale. The consideration for the sale and transfer of the entities was determined in line with the standard guidelines issued by the Ministry of Power from time to time.
The transactions mark the completion of the transfer process for the two transmission project SPVs following the selection of the successful commercial bidders. The projects were originally structured through PFC Consulting as part of the development of transmission infrastructure associated with their respective locations.
The regulatory disclosure regarding the transactions was submitted by PFC to the National Stock Exchange of India Limited and BSE Limited. The communication was signed by Manish Kumar Agarwal, Company Secretary and Compliance Officer of Power Finance Corporation Limited.
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