Power Finance Corporation Limited (PFC) announces the strike off and dissolution of its wholly owned subsidiary, PFC Projects Limited (PPL). The Registrar of Companies (RoC) approved the dissolution effective June 1, 2026. Formerly known as Coastal Karnataka Power Limited, PPL was established for an Ultra Mega Power Project. The decision to dissolve PPL was made due to a lack of future business opportunities and an amendment to its objectives in 2022.
PFC Projects Limited Struck Off
Power Finance Corporation Limited (PFC) has officially announced the strike off and dissolution of its wholly owned subsidiary, PFC Projects Limited (PPL). The Registrar of Companies (RoC) has approved this action, with the dissolution taking effect on June 1, 2026. This dissolution falls under Section 248 of the Companies Act, 2013.
Background of PPL
PFC Projects Limited, previously named Coastal Karnataka Power Limited, was initially established as a wholly owned subsidiary of PFC. Its primary purpose was to develop an Ultra Mega Power Project in Karnataka. In 2022, the company’s name and its object clause were revised to allow participation in Lenders-backed Resolution Plans (LbRPs).
Reasons for Dissolution
Following the amendment in 2022, the company’s future business prospects were re-evaluated. In the absence of approval from the Department of Investment and Public Asset Management (DIPAM), no future business opportunities were anticipated for PPL. Consequently, the Board of Directors of PPL approved the proposal to strike off the company’s name from the Register of Companies, subject to obtaining all necessary approvals and settling its liabilities.
Regulatory Approvals
The Ministry of Power, Government of India, granted its approval for the closure and striking off of PPL on March 13, 2026. Subsequently, the required documentation was submitted to the Ministry of Corporate Affairs (MCA) for the closure and striking off process. The MCA formally approved this process on June 1, 2026.
Source: BSE
