Power Finance Corporation Limited completed the transfer of Kakinada I Transmission Limited to Power Grid Corporation of India Limited on June 29, 2026. Kakinada I Transmission Limited is a wholly owned subsidiary of PFC Consulting Limited, which is a wholly owned subsidiary of Power Finance Corporation Limited.
The subsidiary was established for the development of transmission systems for proposed green hydrogen and green ammonia projects in the Kakinada area (Phase-I). The contribution of Kakinada I Transmission Limited to the turnover, revenue, income, and net worth of Power Finance Corporation Limited during the last financial year was negligible.
The transfer was executed for a total consideration of Rs 20.51 crore, equivalent to Rs 20,50,66,293, as specified in the Share Purchase Agreement. Power Grid Corporation of India Limited, the successful bidder, is not affiliated with the promoter or promoter group of Power Finance Corporation Limited. The process for the sale and transfer of the subsidiary to Power Grid Corporation of India Limited was completed on the specified date.
The transaction is not a related party transaction and is not in the nature of a slump sale. Power Finance Corporation Limited has disclosed this transfer to BSE Limited and the National Stock Exchange of India Limited in a filing dated June 30, 2026.
The sale and transfer of Kakinada I Transmission Limited were conducted in accordance with the guidelines issued by the Ministry of Power, Government of India, from time to time. The consideration for the sale was determined based on these regulatory guidelines.
Disclaimer: This article is based on company filings submitted to the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) and is for informational purposes only. It does not constitute investment advice or a recommendation. Investors should conduct their own research and consult a qualified financial advisor before making investment decisions.