Power Finance Corporation has announced the completion of transfer of NES Pune East New Transmission Limited to Power Grid Corporation of India Limited for a consideration of ₹8.04 crore, as disclosed in its regulatory filing under Regulation 30.

Transaction Structure and Details

The transferred entity, NES Pune East New Transmission Limited, was a wholly owned subsidiary of PFC Consulting Limited, which itself is a wholly owned subsidiary of Power Finance Corporation Limited. The subsidiary was established specifically for the development of "Network Expansion Scheme in Maharashtra for removal of Transmission Constrains in Pune Region-I (765/400 Kv Pune East)".

Regulatory Compliance and Transaction Nature

According to the company's disclosure, the transaction does not fall within the purview of related party transactions, as Power Grid Corporation of India Limited does not belong to the promoter or promoter group. The sale is also not classified as a slump sale in nature.

The consideration for the sale and transfer was determined in accordance with guidelines issued by the Ministry of Power, Government of India. The transferred subsidiary had negligible contribution to Power Finance Corporation's turnover, revenue, income, and net worth during the last financial year.

Strategic Impact

This divestment aligns with Power Finance Corporation's strategy to optimize its asset portfolio and focus on core financing activities in the power sector. For Power Grid Corporation of India Limited, the acquisition strengthens its transmission network in the Maharashtra region, particularly in addressing transmission constraints in the Pune area.

The transaction represents a strategic asset transfer that enables specialized transmission infrastructure to be operated by India's largest transmission utility, ensuring efficient grid operations and maintenance.

Power Finance Corporation Limited has completed the transfer of NES Dharashiv Transmission Limited, a wholly owned subsidiary of PFC Consulting Limited, to Montecarlo Limited on March 12, 2026. The transaction represents a strategic divestment of the transmission project subsidiary for renewable energy power evacuation in Maharashtra.

Transaction Overview

The transfer was executed through a Share Purchase Agreement with a consideration amount of Rs 3,61,11,559. The subsidiary was established specifically for the Network Expansion Scheme in Maharashtra for Evacuation of RE Power from Dharashiv, Beed District.

Project Background and Financial Impact

NES Dharashiv Transmission Limited was created as a Special Purpose Vehicle for developing transmission infrastructure to evacuate renewable energy power from the Dharashiv region in Beed District. Power Finance Corporation noted that the subsidiary's contribution to the company's turnover, revenue, income, and net worth during the last financial year was negligible.

Regulatory Compliance and Transaction Structure

The divestment was conducted through a competitive bidding process, with Montecarlo Limited emerging as the successful bidder. Power Finance Corporation confirmed that the buyer does not belong to the promoter or promoter group, ensuring the transaction maintains arm's length principles.

The consideration for the sale and transfer was determined in accordance with guidelines issued by the Ministry of Power, Government of India. The company clarified that the transaction is not in the nature of a slump sale, maintaining transparency in the divestment process and ensuring compliance with regulatory requirements in the power transmission sector.