PFC · price
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Power Finance Corporation has completed the sale of its wholly-owned subsidiary, Tumkur II RE Transmission Limited, to Power Grid Corporation of India Limited (the successful bidder) for Rs 15.46 crore. The SPV was established for developing a transmission system strengthening project at Tumkur-II to integrate 1.5 GW of renewable energy capacity. The transaction was completed on May 29, 2026, through a Share Purchase Agreement. The subsidiary contributed negligible revenue to PFC's total turnover. The buyer does not belong to the promoter/promoter group, and the transaction is not classified as a related party transaction or a slump sale. The consideration was determined as per Ministry of Power guidelines.
This is a relatively small divestiture with negligible revenue impact. The sale aligns with PFC's strategy of transferring completed SPVs to operational entities like Power Grid. Shareholders should note minimal financial impact from this transaction.