Power Finance Corporation incorporates five wholly owned subsidiaries for transmission projects

Power Finance Corporation Limited (PFC) has informed the National Stock Exchange of India Limited and BSE Limited regarding the incorporation of five Special Purpose Vehicle (SPV) companies by its wholly owned subsidiary, PFC Consulting Limited (PFCCL). The disclosure, dated 30.04.2026, outlines the establishment of these entities as wholly owned subsidiaries of PFCCL for the development of transmission projects under the tariff-based competitive bidding process.

PFC Consulting Limited has been nominated as the 'Bid Process Coordinator' (BPC) for the selection of developers through tariff-based competitive bidding for Independent Transmission Projects (ITPs) by the Ministry of Power, Government of India. The five incorporated SPVs will undertake various preparatory activities for transmission projects, including surveys, preparation of reports, initiation of land acquisition processes, and seeking forest clearance where required.

Incorporated Special Purpose Vehicles

The following SPVs have been incorporated as wholly owned subsidiaries of PFC Consulting Limited:

Sr. No.	Name of the SPV	Purpose
1	JAM KHAMBHALIYA REZ TRANSMISSION LIMITED	Transmission system for Integration of Power from RE Projects in Jam Khambhaliya REZ in Gujarat - Phase II (5500MW) and Jamnagar Phase-I (1000 MW)
2	LAKADIA A POWER TRANSMISSION LIMITED	Common Transmission System for evacuation of power from Lakadia (Phase-II: 7.5GW), Jam Khambhaliya (Phase-II: 5.5GW) and Jamnagar (Phase-I: 1GW) (Part A)
3	LAKADIA C POWER TRANSMISSION LIMITED	Common Transmission System for evacuation of power from Lakadia (Phase-II: 7.5GW), Jam Khambhaliya (Phase-II: 5.5GW) and Jamnagar (Phase-I: 1GW) (Part C)
4	ANANTHPURAM TRANSMISSION LIMITED	Transmission System for integration of Ananthpuram-III PS REZ Phase-I (3GW)
5	KRISHNAGIRI REZ TRANSMISSION LIMITED	Transmission System for Integration of Krishnagiri REZ Phase-I

Regulatory Approvals and Process

The Central Electricity Authority (CEA), Ministry of Power, has recommended PFC Consulting Limited as the Bid Process Coordinator for the development of transmission systems through the Tariff Based Competitive Bidding (TBCB) process. For the Jam Khambhaliya and related projects, the National Committee on Transmission (NCT) in its 37th meeting held on 19.01.2026 recommended PFCCL as BPC, followed by a Notification issued in the Official Gazette by the Ministry of Power dated February 11, 2026.

For the Krishnagiri REZ project, the NCT in its 35th meeting held on 19.11.2025 recommended PFCCL as BPC, followed by a Gazette Notification dated August 26, 2025. As per the provisions of tariff-based competitive bidding guidelines issued by the Ministry of Power, the BPC is required to prepare project profiles and initiate land acquisition and forest clearance processes, necessitating the incorporation of SPVs for these activities.

Transfer to Successful Bidder

The SPVs incorporated as wholly owned subsidiaries of PFCCL will be transferred to the successful bidder selected through the International Competitive Bidding Process under the Tariff Based Competitive Bidding Guidelines for Transmission Service issued by the Ministry of Power. The successful bidder selected through the bidding process would develop the project. The disclosure was signed by Manish Kumar Agarwal, Company Secretary & Compliance Officer of Power Finance Corporation Ltd.

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Power Finance Corporation Limited has announced a change in its Board of Directors, with Shri Rajiv Ranjan Jha set to cease his role as Director (Projects) effective May 1, 2026, due to superannuation. The company has formally communicated this development to both the National Stock Exchange of India Limited and BSE Limited under Regulation 30 of SEBI (LODR) Regulations, 2015.

Director Appointment and Tenure Details

Shri Rajiv Ranjan Jha was originally appointed as Director (Projects) at Power Finance Corporation through a Ministry of Power, Government of India order. The appointment was made under order number F.No.24-8/1/2020-PFC(MoP) dated October 28, 2021, with specific tenure conditions outlined by the ministry.

Parameter:	Details
Appointment Authority:	Ministry of Power, Govt. of India
Order Number:	F.No.24-8/1/2020-PFC(MoP)
Appointment Date:	October 28, 2021
Tenure Condition:	Until superannuation or further orders, whichever is earliest
Cessation Date:	May 1, 2026

Reason for Board Change

The cessation of Shri Rajiv Ranjan Jha's directorship is attributed to him reaching the age of superannuation. According to the original appointment terms, his tenure was designed to continue from the date of assumption of charge until either his superannuation date of April 30, 2026, or until further orders from the Ministry of Power, whichever occurred first.

Regulatory Compliance

Power Finance Corporation has fulfilled its regulatory obligations by promptly notifying the stock exchanges about this board change. The notification was signed by Manish Kumar Agarwal, Company Secretary & Compliance Officer, and submitted to both exchanges for information and record purposes. This communication ensures transparency and compliance with SEBI's listing regulations regarding material changes in company leadership.