Power Finance Corporation (PFC) has transferred its wholly-owned subsidiary, Vindhyachal Varanasi Transmission Limited, to Power Grid Corporation of India Limited on October 16, 2025. The subsidiary was established for developing an Inter-regional Transmission System. The consideration received from the sale is ₹19,83,77,896. This transfer aims to streamline PFC’s portfolio and focus on its core financial operations.
Subsidiary Transfer Overview
Power Finance Corporation (PFC) officially completed the transfer of its wholly-owned subsidiary, Vindhyachal Varanasi Transmission Limited, on October 16, 2025. The acquirer is Power Grid Corporation of India Limited, the successful bidder in the transaction.
Details of Vindhyachal Varanasi Transmission Limited
Vindhyachal Varanasi Transmission Limited was established to develop the “Inter-regional (NR-WR) Transmission System strengthening to relieve the loading of 765 kV Vindhyachal-Varanasi D/c line”.
Financial Implications and Consideration
The amount of turnover, revenue, or income and net worth contributed by Vindhyachal Varanasi Transmission Limited was negligible during the last financial year.
The consideration received by Power Finance Corporation from the sale/disposal amounts to ₹19,83,77,896 as per the Share Purchase Agreement.
Buyer Details
Power Grid Corporation of India Limited is the successful bidder and the buyer of Vindhyachal Varanasi Transmission Limited. The announcement confirms that the successful bidder does not belong to the Promoter or Promoter group of Power Finance Corporation.
Transaction Nature
The transaction is not in the nature of a slump sale. The consideration for the sale & transfer of SPVs is determined in accordance with the Guidelines issued by the Ministry of Power, Government of India.
Source: BSE
