Power Finance Corporation Ltd. (PFC) disclosed the incorporation of a new Special Purpose Vehicle (SPV) company, Kushtagi Transmission Limited, as a wholly owned subsidiary of PFC Consulting Limited (PFCCL). PFCCL is itself a wholly owned subsidiary of PFC.
The SPV was incorporated for the specific purpose of developing a transmission system for the 765kV Kushtagi III Koppal District project.
PFC Consulting Limited has been nominated as the 'Bid Process Coordinator' (BPC) for the selection of a developer through tariff-based competitive bidding for Independent Transmission Projects (ITPs) by the Ministry of Power, Government of India.
As per the Ministry of Power's tariff-based competitive bidding guidelines, the BPC must prepare the project profile and initiate land acquisition and forest clearance processes. The incorporated SPV will undertake various preparatory activities including survey work, report preparation, initiation of land acquisition, and seeking forest clearance if required.
The regulatory background notes that the State Empowered Committee on Transmission ratified the action of Karnataka Power Transmission Corporation Limited (KPTCL) in its 7th Meeting held on 29.08.2025, which included nominating PFCCL as BPC. The Energy Department conveyed its approval via Government Order No. Energy 73 PPT 2024, Bengaluru dated 18.10.2025.
The SPV will be transferred to the successful bidder selected through the International Competitive Bidding Process under Tariff Based Competitive Bidding Guidelines after the completion of the bidding process. The successful bidder will then develop the project.
The disclosure was submitted for information and record purposes to the National Stock Exchange of India Limited and BSE Limited.