PFC Transfers Two Transmission SPVs To Apraava Energy And PGCIL

07 Aug 2026 CW Team

Power Finance Corporation (PFC) has completed the transfer of two wholly owned subsidiaries of PFC Consulting to their successful bidders, with both transactions concluded on three August 2026 under the applicable regulatory framework. The transfers form part of PFC's divestment of project-specific special purpose vehicles. The company indicated the moves were executed following prescribed procedures.

Ananthpuram Transmission was established as a special purpose vehicle (SPV) to develop the transmission system required to integrate the Ananthpuram-III phase one renewable energy zone, a three gigawatt project. The SPV has been transferred to Apraava Energy Private Limited for Rs 196.2 million (Rs 196.2 mn). PFC said the consideration was determined in accordance with the Ministry of Power guidelines for transfer of project-specific SPVs.

Krishnagiri REZ Transmission, created to develop transmission infrastructure for the Krishnagiri REZ phase one project, was acquired by Power Grid Corporation of India (PGCIL) for Rs 198.2 million (Rs 198.2 mn). Both transfers were completed on three August 2026 and were not executed as slump sales. PFC reported that the two subsidiaries made a negligible contribution to the company's overall turnover, revenue, income and net worth in the previous financial year.

The company clarified that neither successful bidder belongs to its promoter or promoter group and therefore the transactions do not qualify as related-party dealings. PFC confirmed that all regulatory and disclosure obligations were met and that the necessary filings were submitted to the National Stock Exchange of India Limited and BSE Limited. The compliance disclosures were signed and submitted by Manish Kumar Agarwal, Company Secretary and Compliance Officer, confirming completion in accordance with applicable regulatory provisions.

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