Power Finance Corporation Limited (PFC) has announced the strike off and dissolution of its wholly owned subsidiary, Ghogarpalli Integrated Power Company Limited (GIPCL), effective 16.03.2026. GIPCL was originally incorporated in 2008 as a Special Purpose Vehicle (SPV) to establish a 4000 MW Ultra Mega Power Project in Odisha. Following the decision to close the project, the Ministry of Power approved the striking off, which was subsequently finalized by the Registrar of Companies.
Subsidiary Struck Off and Dissolved
Power Finance Corporation Limited (PFC) has officially informed stock exchanges regarding the dissolution of one of its wholly owned subsidiaries, Ghogarpalli Integrated Power Company Limited (GIPCL). The Registrar of Companies finalized the strike off of GIPCL’s name with effect from 16.03.2026, under the provisions of Section 248 of the Companies Act, 2013.
Background of GIPCL
The announcement, dated 17.03.2026, clarified that GIPCL was not considered a material subsidiary of PFC. GIPCL was initially incorporated on 22.05.2008 under the Companies Act, 1956, serving as a Special Purpose Vehicle (SPV).
The primary objective for GIPCL’s incorporation was the establishment of a large-scale project: an Ultra Mega Power Project with a capacity of 4000 MW situated in the State of Odisha. Subsequently, management decided to close this project.
Regulatory Approval for Closure
The process for dissolution was initiated after the relevant authorities granted approval. The Ministry of Power, Government of India, provided its official approval for the closure/striking off of the company’s name on 27.11.2025. Following this sanction, the necessary documentation for closure was filed with the Ministry of Corporate Affairs (MCA), which subsequently approved the action on the date mentioned above.
Dissemination of Information
PFC stated that this information is provided for the kind information and dissemination to the shareholders and the public.
Source: BSE
