Power Finance Corporation Limited has informed the Exchange about Incorporation of wholly owned Subsidiary of PFC Consulting Limited (a wholly owned subsidiary of Power Finance Corporation Limited) TUMKUR II RE TRANSMISSION LIMITED
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Power Finance Corporation (PFC) has informed the exchange that a new Special Purpose Vehicle (SPV) called 'Tumkur II RE Transmission Limited' has been incorporated as a wholly owned subsidiary of PFC Consulting Limited (PFCCL), which is itself a wholly owned subsidiary of PFC. The SPV has been set up to develop a transmission system for integration of 1.5 GW of additional renewable energy potential at Tumkur-II. The Ministry of Power appointed PFCCL as the Bid Process Coordinator for selecting a Transmission Service Provider through a tariff-based competitive bidding process. The SPV will handle preparatory activities like surveys, land acquisition, and forest clearances, and will eventually be transferred to the successful bidder selected through the bidding process.
This is a routine SPV incorporation for project development purposes and does not have a direct material impact on shareholders. The SPV is a temporary vehicle that will be transferred to the winning bidder, so it is essentially a procedural step in PFC's transmission project advisory business.