Date: 04.11.2026
Subsidiary Update
Power Finance Corporation Ltd (PFC) announced that the name of its special purpose vehicle (SPV) company, a wholly owned subsidiary of PFC Consulting Limited (PFCCL), has been changed. The SPV originally named "WAHIPORA AND SALLAR TRANSMISSION LIMITED" has been renamed to "WAHIPORA-BAGHTHALI TRANSMISSION LIMITED".
Background and Context
PFC Consulting Limited, a wholly owned subsidiary of PFC, was nominated as the 'Bid Process Coordinator' (BPC) by the Ministry of Power, Government of India for selection of developers through tariff-based competitive bidding for Independent Transmission Projects (ITPs).
As per tariff-based competitive bidding Guidelines issued by the Ministry of Power, the BPC must prepare project profiles, initiate land acquisition and forest clearance processes. These activities require incorporation of a Special Purpose Vehicle (SPV) to handle preparatory activities including survey and report preparation, initiation of land acquisition process, and seeking forest clearance if required.
The SPV is required to be transferred to the Successful Bidder selected through International Competitive Bidding Process under Tariff Based Competitive Bidding Guidelines.
Project Restructuring and Reappointment
Jammu and Kashmir Power Transmission Corporation Limited (JKPTCL) appointed PFC Consulting Limited as Bid Process Coordinator via Letter of Award dated July 23, 2024 for the transmission scheme "Execution of System Strengthening/up-gradation Works and Intra-State Transmission System Projects."
PFCCL incorporated the SPV "WAHIPORA AND SALLAR TRANSMISSION LIMITED" for this purpose. However, on May 21, 2026, the transmission scheme was restructured from a single package to multiple packages.
As per Minutes of Meeting circulated via letter no. MD/JKPTCL/To/284-86 dated June 04, 2026 and Letter No. MD/JKPTCL/TO/446-47 dated July 08, 2026, JKPTCL reappointed PFCCL as Bid Process Coordinator to re-initiate the bid process for the development of the revised project: "Construction of Grid Sub Station at Wahipora, Kashmir and allied Transmission System and Construction of Grid Sub Station at Baghthali, Kathua along with LILO of 220 kV S/C Sarna-Hiranagar Line and 220 kV D/C line from 400/220 kV Jatwal (PGCIL) Substation".
Name Change Rationale
Instead of incorporating a new SPV, the existing SPV "WAHIPORA AND SALLAR TRANSMISSION LIMITED" was renamed to "WAHIPORA-BAGHTHALI TRANSMISSION LIMITED" to align with the restructured transmission scheme. This SPV will be transferred to the successful bidder after completion of the bidding process, and the successful bidder will develop the project.