Power Finance Corporation Limited (PFC) has announced the transfer of Kakinada I Transmission Limited, a wholly owned subsidiary of PFC Consulting Limited, to Power Grid Corporation of India Limited (PGCIL), which emerged as the successful bidder for the project. The transfer was completed on June 29, 2026.
Kakinada I Transmission Limited was incorporated as a special purpose vehicle (SPV) for the development of the transmission system associated with the proposed Green Hydrogen and Green Ammonia projects in the Kakinada region under Phase-I of the planned infrastructure development.
As part of the transaction, Power Grid Corporation of India Limited acquired the SPV for a consideration of ₹20.51 crore under the terms of the Share Purchase Agreement. The sale and transfer process was completed on June 29, 2026.
PFC stated that the contribution of Kakinada I Transmission Limited to its overall turnover, revenue, income, and net worth was negligible. The company also clarified that Power Grid Corporation of India Limited is not part of its promoter or promoter group.
The transfer marks another step in the development of transmission infrastructure required to support upcoming green hydrogen and green ammonia investments in the Kakinada area, with Power Grid now set to take forward the implementation of the project.
