Power Finance Corporation Limited (PFC) has announced the transfer of Saswad Transmission Limited, a wholly owned subsidiary of PFC Consulting Limited, to Maharashtra State Electricity Transmission Company Limited (MSETCL) following the completion of the bidding process.
The transfer was completed on Thursday, after MSETCL emerged as the successful bidder. Saswad Transmission Limited was incorporated for the development of the 400/220 kV AIS Substation at Saswad in Pune district, Maharashtra.
The total consideration received for the transaction stands at ₹3,79,31,992 (Rupees Three Crore Seventy-Nine Lakh Thirty-One Thousand Nine Hundred Ninety-Two only), in accordance with the Share Purchase Agreement.
PFC clarified that the contribution of Saswad Transmission Limited to its turnover, revenue, income, and net worth during the last financial year was negligible. The company further stated that the transaction does not fall under the purview of related party transactions, and the successful bidder does not belong to the promoter or promoter group of PFC.
Additionally, the corporation confirmed that the transaction is not structured as a slump sale. The consideration for the sale and transfer of the special purpose vehicle (SPV) has been determined in line with the guidelines issued from time to time by the Ministry of Power, Government of India.
