Power Finance Corporation Ltd. (PFC) has announced the incorporation of a wholly-owned subsidiary, SIOT RAJOURI AKHNOOR TRANSMISSION LIMITED. This Special Purpose Vehicle (SPV) is established to facilitate the development of a downstream transmission network from an upcoming 400/220 kV Grid Substation in Rajouri. PFC Consulting Limited (PFCCL), a subsidiary of PFC, has been nominated as the Bid Process Coordinator (BPC) for this transmission scheme.
PFC Establishes Transmission Project Subsidiary
Power Finance Corporation Limited (PFC) has announced the incorporation of a new Special Purpose Vehicle (SPV) named SIOT RAJOURI AKHNOOR TRANSMISSION LIMITED. This entity will operate as a wholly-owned subsidiary of PFC Consulting Limited (PFCCL), which itself is a wholly-owned subsidiary of PFC. The primary purpose of this SPV is to undertake the development of the downstream transmission network, specifically the “Laying of downstream Transmission Network from upcoming 400/220 kV Grid Substation Siot, Rajouri (ISTS)”.
Role of PFC Consulting Limited as BPC
PFC Consulting Limited (PFCCL) has been appointed as the ‘Bid Process Coordinator’ (BPC) by the Ministry of Power, Government of India. In this capacity, PFCCL is responsible for selecting a developer through a tariff-based competitive bidding process for Independent Transmission Projects (ITPs). As per the bidding guidelines, the BPC is tasked with preparing project profiles, initiating land acquisition, and securing forest clearances, where necessary. The newly incorporated SPV will be instrumental in carrying out these preparatory activities for the transmission project, including surveys and report preparation.
Project Development and Transfer
The SPV is slated to be transferred to the Successful Bidder upon their selection through the International Competitive Bidding Process under the Tariff-Based Competitive Bidding Guidelines. This process is part of a larger scheme involving system strengthening and upgradation works. Specifically, Jammu and Kashmir Power Transmission Corporation Limited (JKPTCL) had previously appointed PFCCL as the BPC for a transmission scheme through a Letter of Award dated July 23, 2024. This resulted in the incorporation of a prior SPV, “WAHIPORA AND SALLAR TRANSMISSION LIMITED”, on November 11, 2024, for obtaining clearances.
Restructuring and SPV Purpose
Further details indicate a restructuring of the transmission scheme into multiple packages, approved in a meeting between JKPTCL and PFCCL on May 21, 2026. Consequently, JKPTCL re-appointed PFCCL as the BPC for re-initiating the bid process for this project. The current SPV has been incorporated as a wholly-owned subsidiary of PFCCL to support the development of this restructured transmission scheme and will be transferred to the successful bidder post-completion of the bidding process.
Source: BSE
