Power Finance Corporation Limited (PFC) has completed the transfer of its wholly-owned subsidiary, Saswad Transmission Limited (STL), to Maharashtra State Electricity Transmission Company Limited (MSETCL). The sale was finalized on February 26, 2026. The consideration received for the disposal of this Special Purpose Vehicle (SPV), established for a 400/220 kV substation project in Pune, amounted to ₹3.79 crore, as detailed in the Share Purchase Agreement.
Completion of Subsidiary Transfer
Power Finance Corporation Ltd. (PFC) has officially announced the completion of the transfer of Saswad Transmission Limited (STL). STL was a wholly-owned subsidiary of PFC Consulting Limited, which itself is a wholly-owned subsidiary of PFC.
The transfer was executed in favor of Maharashtra State Electricity Transmission Company Limited (MSETCL), identified as the successful bidder. The successful date of sale and transfer completion was February 26, 2026.
Details of the Transaction
The subsidiary, STL, was established specifically for the development of the “Establishment of 400/220 kV AIS Substation at Saswad in District Pune, Maharashtra.”
Key Financial and Operational Metrics:
- Financial Impact: The amount and percentage of turnover, revenue, or income, and net worth contributed by STL during the last financial year were declared as Negligible.
- Consideration Received: The final consideration for the sale and disposal was Rs. 3,79,31,992 /- (Rupees Three crore Seventy Nine lakh Thirty-One Thousand Nine Hundred Ninety Two only), as stipulated in the Share Purchase Agreement.
- Agreement Date: The formal agreement for the sale was entered into, leading to completion on 26.02.2026.
Buyer Identification and Related Party Status
The successful bidder is identified as Maharashtra State Electricity Transmission Company Limited.
It is explicitly noted that the successful Bidder does not belong to the Promoter or Promoter group of PFC.
Regarding regulatory classification:
- The transaction does not fall within the purview of related party transactions.
- The sale and transfer of the SPV is not in the nature of a slump sale. The consideration was determined in accordance with Guidelines issued by the Ministry of Power, Government of India.
Source: BSE
