Power Finance Corporation (PFC), a Maharatna undertaking of the Government of India, has completed the sale and transfer of two wholly owned subsidiaries involved in power transmission projects. The transactions were concluded on 28 September 2026, with a combined consideration of Rs. 111.2 mn.

The subsidiaries, Latur REZ Transmission and Raigad Power Transmission, were established through PFC Consulting, a wholly owned subsidiary of PFC. Both entities were created to develop project-specific transmission infrastructure in Maharashtra.

Latur REZ Transmission was formed for the development of the 400/220/132 kV AIS Latur transmission project. PFC transferred the company to Montecarlo Energy for Rs. 37.18 mn under the terms of the relevant share purchase agreement.

Raigad Power Transmission was established for the 765/400/220 kV AIS Kandalgaon transmission project in Raigad district. The company was transferred to Apraava Energy for Rs. 74.06 mn under its respective share purchase agreement.

PFC stated that the two subsidiaries had a negligible contribution to its turnover, revenue, income and net worth during the preceding financial year. It also clarified that Montecarlo Energy and Apraava Energy are not part of PFC’s promoter or promoter group, meaning the transactions do not qualify as related party transactions.

The company further said the transfers were not structured as slump sales. Consideration for each special purpose vehicle was determined in line with regulatory guidelines issued by the Ministry of Power. PFC disclosed the completion of the transactions to the National Stock Exchange of India and BSE through a regulatory filing, marking the transfer of the respective project companies to their successful buyers.