Power Finance Corporation Limited has announced the incorporation of four wholly owned subsidiaries under its subsidiary PFC Consulting Limited (PFCCL) to develop transmission infrastructure projects across Rajasthan and Karnataka states. The move aligns with the company's role as Bid Process Coordinator for Independent Transmission Projects under the Ministry of Power's competitive bidding framework.

New Transmission SPVs Established

The four Special Purpose Vehicles (SPVs) have been incorporated to handle specific transmission system development projects:

Regulatory Approvals and Nominations

For the Rajasthan projects, Rajasthan Rajya Vidyut Prasaran Nigam Limited (RRVPNL) issued a letter of intent dated 04.11.2025, confirming that the State Committee on Transmission in its 10th Meeting held on 29.08.2025 recommended PFCCL as Bid Process Coordinator. The Energy Department, Government of Rajasthan, conveyed its approval through a letter dated 15.10.2025.

Regarding the Karnataka transmission schemes, the State Empowered Committee on Transmission ratified Karnataka Power Transmission Corporation Limited's (KPTCL) nomination of PFCCL as BPC in its 7th Meeting held on 29.08.2025. The Energy Department provided approval through Government Order No. Energy 73 PPT 2024, Bengaluru dated 18.10.2025.

SPV Functions and Transfer Process

Under the Ministry of Power's tariff-based competitive bidding guidelines, the BPC must establish SPVs to handle preparatory project activities. These include:

• Survey and preparation of detailed project reports
• Initialization of land acquisition processes
• Seeking forest clearances where required
• Managing various preparatory transmission project activities

The SPVs will operate as wholly owned subsidiaries of PFCCL during the development phase. Upon completion of the competitive bidding process, all four SPVs will be transferred to the respective successful bidders who will then develop the transmission projects according to the established guidelines.

Strategic Infrastructure Development

This corporate structure enables systematic development of critical transmission infrastructure while maintaining compliance with regulatory frameworks. The establishment of dedicated SPVs for each project ensures focused management of preparatory activities and smooth transition to successful bidders through the tariff-based competitive bidding process mandated by the Ministry of Power.

Power Finance Corporation Limited has announced the resignation of Independent Director Shri Bhaskar Bhattacharya, effective April 1, 2026. The resignation comes as Bhattacharya prepares to contest in the upcoming West Bengal Assembly elections, prompting him to step down to avoid potential conflicts of interest.

Director Details and Resignation

Bhattacharya submitted his resignation via email on April 1, 2026, specifically mentioning his candidature in the West Bengal Assembly election from Serampore Constituency as the primary reason for his decision. In his resignation communication, he emphasized that avoiding potential conflict of interest was his main concern and confirmed there were no other reasons for his departure.

Previous Appointment Timeline

The director had been appointed as part-time Non-Official Director on PFC's Board for a period of one year from the date of notification of his re-appointment, following a Ministry of Power order dated May 13, 2025. The company had previously communicated this appointment to stock exchanges on May 14, 2025.

Regulatory Compliance and Additional Disclosures

Power Finance Corporation fulfilled its regulatory obligations by informing both the National Stock Exchange of India Limited and BSE Limited about this board change on April 2, 2026. The notification was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which mandates disclosure of material events and information.

In response to BSE's follow-up inquiry dated April 6, 2026, the company provided additional clarification on April 7, 2026, confirming that as per Bhattacharya's declaration, he was not holding directorship in any other listed entity as on the date of cessation.

Resignation Communication

In his resignation email to the Chairman cum Managing Director, Bhattacharya expressed gratitude for the opportunity to serve the Maharatna company. He specifically thanked the President of India, company dignitaries, and fellow Board members including other Independent Directors for their support during his tenure.

The resignation was processed through Company Secretary & Compliance Officer Manish Kumar Agarwal, who digitally signed the official communication to stock exchanges on April 2, 2026, at 11:56:04 +05'30', with the follow-up clarification signed on April 7, 2026, at 12:37:29 +05'30'.