Transfer of Kurnool IV REZ Power Transmission Limited (wholly owned subsidiary of PFC Consulting Limited) (wholly owned subsidiary of Power Finance Corporation Limited)
PFC · price
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Power Finance Corporation Limited has completed the transfer of its wholly owned subsidiary, Kurnool IV REZ Power Transmission Limited, to Resonia Limited (formerly Sterlite Grid 32 Limited). The subsidiary was set up for developing the Transmission System for Kurnool-IV REZ - Phase-II (3 GW). The sale was completed on 29 May 2026 for a consideration of Rs. 20,93,72,682 (approximately Rs. 20.94 crore). The buyer does not belong to the promoter or promoter group, and the transaction does not qualify as a related party transaction. The consideration was determined per guidelines issued by the Ministry of Power, Government of India. The turnover contribution of this subsidiary was negligible for the last financial year.
This is a routine divestment of a project-specific subsidiary by a government-owned finance company, consistent with its business model of setting up transmission SPVs and transferring them to successful bidders. The negligible revenue contribution suggests minimal impact on PFC's financials.