Power Finance Corporation Limited (PFC) has announced the transfer of three wholly owned subsidiaries of its subsidiary, PFC Consulting Limited, to their respective successful bidders on October 12, 2026. Power Grid Corporation of India Limited (POWERGRID) acquired two subsidiaries, while AnantGrid Projects One Private Limited acquired the third. The transactions relate to transmission infrastructure development for renewable energy integration and power evacuation in Gujarat.
Jam Khambhaliya REZ Transmission Limited has been transferred to POWERGRID. The subsidiary was established to develop the transmission system for integrating power from renewable energy projects in the Jam Khambhaliya Renewable Energy Zone (REZ) Phase II, with a capacity of 5,500 MW, and Jamnagar Phase I, with a capacity of 1,000 MW. The consideration received for the transfer was ₹19,22,27,359 (approximately ₹19.22 crore), as per the Share Purchase Agreement.
Lakadia C Power Transmission Limited has also been transferred to POWERGRID for a consideration of ₹19,93,64,817 (approximately ₹19.94 crore). The subsidiary was established to develop the common transmission system for evacuating power from Lakadia Phase II (7.5 GW), Jam Khambhaliya Phase II (5.5 GW) and Jamnagar Phase I (1 GW), under Part C.
Lakadia A Power Transmission Limited has been transferred to AnantGrid Projects One Private Limited for a consideration of ₹19,31,67,181 (approximately ₹19.32 crore). The subsidiary was established to develop the common transmission system for evacuating power from Lakadia Phase II (7.5 GW), Jam Khambhaliya Phase II (5.5 GW) and Jamnagar Phase I (1 GW), under Part A.
According to PFC’s disclosure, the turnover, revenue or income and net worth contributed by the three subsidiaries during the previous financial year were negligible. The sale and transfer process for all three special purpose vehicles (SPVs) was completed on October 12, 2026.
PFC stated that the successful bidders do not belong to the promoter or promoter group. The transactions do not fall within the scope of related-party transactions and are not in the nature of slump sales. The consideration for the sale and transfer of the SPVs was determined in accordance with the guidelines issued by the Ministry of Power, Government of India.
