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.

Power Finance Corporation Limited has announced the strike off and dissolution of its wholly owned subsidiary Sakhighopal Integrated Power Company Limited (SIPCL) effective March 9, 2026. The dissolution was carried out under Section 248 of the Companies Act 2013 by the registrar of companies.

Company Background and Purpose

SIPC was incorporated on May 21, 2008, under the Companies Act, 1956, as a Special Purpose Vehicle (SPV) with the objective of establishing an Ultra Mega Power Project. The subsidiary was not classified as a material subsidiary of Power Finance Corporation Limited.

Project Closure and Regulatory Approvals

The company was established specifically for developing the 4000 MW power project in the state of Odisha. However, it was subsequently decided to close the project, leading to the initiation of the subsidiary's dissolution process.

The Ministry of Power, Government of India, granted its approval for the closure and striking off of the company's name on November 27, 2025. Following this regulatory approval, the required documents for closure and strike off were filed with the Ministry of Corporate Affairs (MCA).

Strike Off Process Timeline

Regulatory Compliance

The strike off was executed in accordance with Section 248 of the Companies Act 2013, which provides the framework for voluntary striking off of companies. Power Finance Corporation Limited has informed both the National Stock Exchange of India Limited and BSE Limited about this corporate development through its Company Secretary and Compliance Officer.

The dissolution of SIPCL marks the formal closure of the Ultra Mega Power Project initiative in Odisha, bringing an end to the subsidiary's operational existence after nearly 18 years since its incorporation.