Power Finance Corporation Ltd. (PFC) has informed the stock exchanges of the completion of the sale and transfer of its wholly-owned subsidiary, Satara Power Transmission Limited (SPTL).
Nature of the Event
This is a regulatory disclosure regarding the divestment of a wholly-owned subsidiary. SPTL was a wholly-owned subsidiary of PFC Consulting Limited, which is itself a wholly-owned subsidiary of Power Finance Corporation Ltd.
Transaction Details
- Asset Transferred: Satara Power Transmission Limited (SPTL)
- Purpose of SPTL: The company was established for the development of the "Transmission System for Network Expansion Scheme in Western Region to cater to pumped storage potential near Satara (up to 4500 MW) - Part A".
- Buyer: Adani Energy Solutions Limited, identified as the successful bidder.
- Transaction Completion Date: The sale and transfer process was completed on October 6, 2026.
- Consideration: The sale consideration received was ₹19,01,24,505 (Rupees Nineteen Crore One Lakh Twenty Four Thousand Five Hundred and Five Only), as stipulated in the Share Purchase Agreement.
Financial and Operational Impact
- The financial contribution of the transferred unit (SPTL) to the listed entity (PFC) was negligible during the last financial year, in terms of turnover, income, revenue, and net worth.
- The transaction does not fall within the purview of a related party transaction.
- The transaction is not in the nature of a slump sale. The consideration was determined in accordance with guidelines issued by the Ministry of Power, Government of India.
Parties Involved
- Seller: Power Finance Corporation Ltd. (via its subsidiary chain)
- Asset Sold: Satara Power Transmission Limited
- Buyer: Adani Energy Solutions Limited. The disclosure confirms that the successful bidder does not belong to the Promoter and Promoter group of PFC.