Power Finance Corporation (PFC) has completed the transfer of its wholly-owned subsidiary, NES Pune East New Transmission Limited, to the successful bidder, Power Grid Corporation of India Limited (PGCIL). The transaction was finalized on March 12, 2026. The sale consideration amounted to ₹8.04 crore. The subsidiary was established for the development of the Network Expansion Scheme in the Pune Region-I (765/400 Kv Pune East) in Maharashtra.
Completion of Subsidiary Transfer
Power Finance Corporation Ltd. (PFC) has formally informed the stock exchanges regarding the completion of the transfer of its wholly-owned subsidiary, NES Pune East New Transmission Limited. This subsidiary was held under PFC Consulting Limited, which itself is a wholly-owned subsidiary of PFC.
The transfer was executed in favor of the successful bidder, Power Grid Corporation of India Limited (PGCIL), following the bidding process. The date on which the agreement for sale was finalized and the transfer process completed was March 12, 2026.
Transaction Details
The SPV being transferred was established for the development of the “Network Expansion Scheme in Maharashtra for removal of Transmission Constraints in Pune Region-I (765/400 Kv Pune East)”.
The key financial and operational details of the transaction are as follows:
- Turnover/Income Contribution: The amount and percentage of turnover, income, and net worth contributed by this unit during the last financial year were deemed Negligible.
- Consideration Received: The total consideration received from the sale was Rs. 8,04,74,138/- (Rupees Eight Crore Four Lakh Seventy-Four Thousand One Hundred Thirty-Eight only), as stipulated in the Share Purchase Agreement.
- Buyer Identity: The successful bidder is Power Grid Corporation of India Limited. It was confirmed that the successful bidder does not belong to the Promoter or Promoter group of PFC.
Compliance and Regulatory Context
PFC confirmed that the transaction does not fall within the purview of related party transactions. Furthermore, the nature of the disposal is not considered a Slump Sale.
The determination of the consideration for the sale and transfer of the SPV was made in accordance with the Guidelines issued, from time to time, by the Ministry of Power, Government of India.
The disclosure was authorized and signed by Manish Kumar Agarwal, Company Secretary & Compliance Officer, on March 13, 2026.
Source: BSE
