PFC · price
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Power Finance Corporation announced the transfer of its wholly owned subsidiary, Kurnool IV REZ Power Transmission Limited, to Resonia Limited (formerly Sterlite Grid 32 Limited). The subsidiary was established for developing a transmission system for the Kurnool-IV Renewable Energy Zone Phase-II project with 3 GW capacity. The sale consideration is Rs. 20.94 crore and was completed on 29.05.2026. The buyer is not part of the promoter or promoter group, and the transaction is not classified as a related party transaction or slump sale. This follows standard practice in the power sector where SPVs are created for specific projects and then transferred to successful bidders.
The transaction has negligible impact on PFC's financials given the small consideration relative to its overall size. This appears to be a routine divestment of a project-specific SPV as part of standard power sector operations rather than a strategic restructuring.