Power Finance Corporation Limited (PFC) has announced the transfer of its wholly owned special purpose vehicle (SPV), South Kalamb Power Transmission Limited, to Adani Energy Solutions Limited for a consideration of ₹12.53 crore. The transaction was completed on March 30, 2026, following the latter’s emergence as the successful bidder.
The SPV, South Kalamb Power Transmission Limited, was originally established under PFC Consulting Limited—a wholly owned subsidiary of PFC—for the development of the “Network Expansion Scheme for drawal of power at South Kalamb Substation: Part A.” The sale and transfer process has now been formally concluded in line with the share purchase agreement.
According to the official disclosure, the financial contribution of the SPV to PFC’s overall turnover, revenue, and net worth in the previous financial year was negligible. The transaction does not qualify as a related party transaction, as Adani Energy Solutions Limited does not belong to PFC’s promoter or promoter group. Additionally, the deal has not been classified as a slump sale.
PFC further clarified that the valuation and consideration for the transfer of the SPV were determined in accordance with the guidelines issued by the Ministry of Power from time to time, ensuring regulatory compliance and transparency.
This divestment aligns with the standard practice of transferring project-specific SPVs to successful bidders for execution, thereby facilitating private sector participation in power transmission infrastructure development.
