Power Finance Corporation Limited has completed the transfer of Kurnool IV REZ Power Transmission Limited to Resonia Limited (formerly Sterlite Grid 32 Limited). The subsidiary was a wholly owned entity of PFC Consulting Limited, which is itself a wholly owned subsidiary of Power Finance Corporation. The transaction was closed on May 29, 2026.
Kurnool IV REZ Power Transmission Limited was established as a special purpose vehicle for developing the Transmission System for Kurnool-IV REZ Phase-II, a 3 GW renewable energy zone project. The total consideration received from the sale is Rs 20.94 crore, as outlined in the Share Purchase Agreement.
The turnover contributed by this unit during the last financial year was negligible. Resonia Limited, the successful bidder, does not belong to the promoter or promoter group of Power Finance Corporation.
The transaction does not fall within the purview of related party transactions. The sale has been executed at arm's length and is not in the nature of a slump sale.
The consideration was determined in accordance with guidelines issued by the Ministry of Power, Government of India, from time to time. The entire process for sale and transfer of the special purpose vehicle to the successful bidder has been completed.
Power Finance Corporation informed both the National Stock Exchange and BSE of this development through a regulatory filing on May 29, 2026.
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.