Power Finance Corporation Limited (PFC) has informed stock exchanges that two wholly owned subsidiaries of its subsidiary, PFC Consulting Limited, have been transferred to their respective successful bidders, according to a regulatory disclosure.
Latur REZ Transmission Limited, set up for the establishment of a 400/220/132 kV AIS substation at Latur, has been transferred to Montecarlo Energy Limited. Raigad Power Transmission Limited, set up for the establishment of a 765/400/220 kV AIS substation at Kandalgaon in Raigad district, has been transferred to Apraava Energy Private Limited. Both transfers were completed on September 28, 2026.
PFC received Rs 3,71,81,895 (Rs 3.72 crore) as consideration for the transfer of Latur REZ Transmission Limited, and Rs 7,40,55,693 (Rs 7.41 crore) for Raigad Power Transmission Limited, in each case as per the respective Share Purchase Agreements.
The company stated that the turnover, revenue and net worth contributed by either SPV to the listed entity in the last financial year was negligible. Neither Montecarlo Energy Limited nor Apraava Energy Private Limited belongs to PFC’s promoter or promoter group, and neither transaction falls within the purview of related party transactions.
PFC clarified that both transfers do not constitute a slump sale, and that the consideration for the sale and transfer of the SPVs was determined in accordance with guidelines issued by the Ministry of Power, Government of India.
Both are inter-state transmission projects that were originally incubated by PFC Consulting Limited under the Tariff Based Competitive Bidding (TBCB) route and subsequently transferred to the winning bidders following completion of the bid process, as is standard practice for such special purpose vehicles.
