Mumbai: Power Finance Corporation Limited (PFC) on Monday announced the transfer of Kakinada I Transmission Limited, a wholly-owned subsidiary of its arm PFC Consulting Limited, to Power Grid Corporation of India Limited.
Transfer Details
Power Grid Corporation of India Limited acquired Kakinada I Transmission Limited, the successful bidder, on 29 June 2026. The subsidiary was established for the development of a transmission system for proposed Green Hydrogen/Green Ammonia projects in the Kakinada area (Phase-I).
Financial Consideration
PFC received Rs 20,50,66,293 (Rupees Twenty Crore, Fifty Lakh, Sixty-Six Thousand, Two Hundred and Ninety-Three) from the sale. This consideration was determined as per the Share Purchase Agreement and in line with guidelines issued by the Ministry of Power.
Buyer Information
Power Grid Corporation of India Limited is the successful bidder. The company confirmed that the buyer does not belong to the promoter or promoter group of Power Finance Corporation. The transaction is also not considered a related party transaction.
Business Impact
Kakinada I Transmission Limited contributed a negligible amount to PFC's turnover, revenue, income, and net worth during the last financial year. The sale is not in the nature of a slump sale, according to the exchange filing.
Disclaimer: This story is based on company exchange filings and is for informational purposes only. Investors should evaluate risks before making decisions.
