Power Finance Corporation (PFC) has announced that its wholly owned subsidiary, PFC Consulting Limited (PFCCL), has incorporated a new Special Purpose Vehicle (SPV) named NERGS III Siang Basin Transmission Limited. This development marks a significant step in the implementation of the NERGS-III Siang Basin transmission project.

Key Details of the Incorporation

Project Background

The Ministry of Power (MoP) has appointed PFCCL as the Bid Process Coordinator (BPC) for this project. This appointment was made through a Gazette Notification (No. CG-DL-E-23092025-266305) dated September 18, 2025. The primary objective is to select a Transmission Service Provider (TSP) through a Tariff Based Competitive Bidding Process.

Role of the SPV

The newly incorporated SPV will be responsible for several crucial preparatory activities:

1. Conducting surveys and preparing reports
2. Initiating land acquisition processes
3. Seeking forest clearances, if required

These steps are essential in laying the groundwork for the transmission project before it is handed over to the successful bidder.

Bidding Process and Transfer

Following the competitive bidding process, the SPV will be transferred to the successful bidder. This transfer will occur after the completion of the bidding process, adhering to the Tariff Based Competitive Bidding Guidelines for Transmission Service issued by the Ministry of Power.

Significance

This incorporation represents a crucial step in India's power sector development, particularly in enhancing the transmission infrastructure in the Siang Basin region. The project aligns with the government's efforts to improve power distribution and accessibility across the country.

The creation of this SPV underscores the strategic approach taken by PFC and its subsidiaries in facilitating major infrastructure projects. By handling the initial stages of development, PFCCL is paving the way for efficient implementation of the transmission system, which will ultimately be developed by the selected bidder.

As this project progresses, it is expected to play a significant role in strengthening the power transmission network in the region, potentially leading to improved electricity supply and economic development in the area served by the NERGS-III Siang Basin transmission system.

Power Finance Corporation Limited (PFC), a key player in India's power sector financing, has announced a significant change in its risk management leadership. The company has appointed Shri Deepak Jain as its new Chief Risk Officer for a specific tenure.

Appointment Details

This strategic appointment underscores PFC's commitment to robust risk management practices, which are crucial in the dynamic power financing sector.

Regulatory Compliance

In line with regulatory requirements, Power Finance Corporation has duly informed the stock exchanges about this appointment. This transparency ensures that all stakeholders, including investors and regulatory bodies, are kept informed about significant changes in the company's leadership structure.

Implications for PFC

The appointment of Shri Deepak Jain as Chief Risk Officer is expected to bring his extensive experience as Chief General Manager to bear on the company's risk management strategies. This move could potentially influence PFC's approach to assessing and mitigating risks in its financing operations within the power sector.

As the power sector continues to evolve, particularly with the increasing focus on renewable energy and changing regulatory landscapes, effective risk management becomes even more critical for financial institutions like PFC. The new Chief Risk Officer will play a pivotal role in navigating these challenges and opportunities.

Stakeholders will likely be keen to observe how this appointment might shape PFC's risk policies and, consequently, its overall business strategy in the coming months.