Power Finance Corporation Limited completed the transfer of its wholly owned subsidiary, TUMKUR II RE Transmission Limited, to Power Grid Corporation of India Limited on May 29, 2026, for a consideration of ₹15,46,38,881. The transaction was finalized under a Share Purchase Agreement following a competitive bidding process. This strategic move involves the transfer of a special purpose vehicle (SPV) established for the development of transmission system strengthening at Tumkur-II for the integration of additional renewable energy potential of 1.5 GW.

The transfer was executed by PFC Consulting Limited, a wholly owned subsidiary of Power Finance Corporation . Power Grid Corporation of India Limited emerged as the successful bidder for the acquisition. The company clarified that the successful bidder does not belong to the promoter or promoter group of Power Finance Corporation Limited. Consequently, the transaction does not fall within the purview of related party transactions.

The financial impact of the transfer on Power Finance Corporation Limited is minimal, as the turnover and net worth contributed by the unit during the last financial year were negligible. The consideration for the sale and transfer of the SPV was determined in accordance with the guidelines issued by the Ministry of Power, Government of India. The company confirmed that the transaction is not in the nature of a slump sale.

Transaction Details

The following table outlines the key particulars of the transaction:

The subsidiary was specifically incorporated to facilitate the Transmission System Strengthening at Tumkur-II project. This project aims to integrate an additional renewable energy potential of 1.5 GW into the grid. The completion of the sale process marks the conclusion of the transfer of this wholly owned subsidiary to the successful bidder.

Power Finance Corporation Limited transferred its wholly owned subsidiary, Kurnool IV REZ Power Transmission Limited, to Resonia Limited for Rs 20.94 crore on May 29, 2026. The subsidiary was established for the development of the Transmission System for Kurnool-IV REZ - Phase-II (3 GW). The transaction was completed under Regulation 30 of the listing regulations.

The transfer process was finalized on May 29, 2026, as per the Share Purchase Agreement. Resonia Limited, formerly known as Sterlite Grid 32 Limited, was identified as the successful bidder. The company confirmed that the buyer does not belong to the promoter or promoter group of Power Finance Corporation.

The consideration received from the disposal amounted to Rs 20,93,72,682. The contribution of the subsidiary to the listed entity's turnover or net worth during the last financial year was negligible. The transaction does not fall within the purview of related party transactions and was not conducted at arm's length.

The sale and transfer of the subsidiary were not in the nature of a slump sale. The consideration for the transfer was determined in accordance with the guidelines issued by the Ministry of Power, Government of India. The disclosure was made by Manish Kumar Agarwal, Company Secretary & Compliance Officer of Power Finance Corporation.

Transaction Details