Power Finance Corporation Limited (PFC) has announced that its wholly owned subsidiary, Ghogarpalli Integrated Power Company Limited (GIPCL), has been officially struck off and dissolved by the Registrar of Companies (RoC) with effect from March 16, 2026.
The company disclosed the development in a regulatory filing to the stock exchanges, stating that the dissolution was carried out under Section 248 of the Companies Act, 2013.
According to PFC, GIPCL was not classified as a material subsidiary of the company. The entity had originally been incorporated on May 22, 2008 under the Companies Act, 1956 as a special purpose vehicle (SPV). Its primary objective was to develop a 4,000 MW Ultra Mega Power Project in the state of Odisha.
However, the proposed project did not move forward and was subsequently shelved. Following the decision to discontinue the project, the Ministry of Power granted approval on November 27, 2025 for closure and removal of the company’s name from official records.
After receiving the ministry’s approval, the necessary documentation for the closure and strike-off process was submitted to the Ministry of Corporate Affairs (MCA). The registrar thereafter approved the dissolution, leading to the formal strike-off of the subsidiary on March 16, 2026.
PFC stated that the disclosure has been made for information and dissemination to stakeholders and the market.
