New Delhi: Power Finance Corporation Ltd (PFC), a Maharatna PSU under the Ministry of Power, has announced the transfer of its step-down subsidiary, KPS III HVDC Transmission Limited, to Adani Energy Solutions Limited, the successful bidder for the project. The transfer was completed on December 12, 2025, in accordance with the guidelines issued by the Ministry of Power.
KPS III HVDC Transmission Limited, a wholly owned subsidiary of PFC Consulting Limited (which is itself a wholly owned subsidiary of PFC), was established for the development of the “Transmission System for Evacuation of Power from the potential renewable energy zone in Khavda area of Gujarat under Phase-V (8 GW): Part C.”
According to the disclosure submitted to the stock exchanges, the subsidiary contributed a negligible share to the turnover and net worth of PFC during the previous financial year. The sale and transfer process concluded on December 12, 2025, and PFC received a consideration of Rs 20,32,54,965 as per the Share Purchase Agreement.
The successful bidder, Adani Energy Solutions Limited, does not belong to PFC’s promoter or promoter group, and the transaction does not fall under related-party transactions. PFC clarified that the transfer is also not in the nature of a slump sale. The valuation and sale process followed the Ministry of Power’s transmission bidding guidelines.
PFC has submitted the details of the transaction to both the National Stock Exchange (NSE) and BSE for information and compliance.
The transfer of the SPV marks another step in the implementation of India's growing renewable energy evacuation infrastructure, particularly in the high-potential Khavda renewable energy zone, which is central to the country’s expansion of green generation capacity.
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