PFC transfers NERGS III Siang Basin transmission SPV to private firm

New Delhi: Power Finance Corporation (PFC) Limited on Tuesday said that its wholly owned subsidiary, NERGS III Siang Basin Transmission Limited, has been transferred to Dineshchandra R. Agrawal Infracon Private Limited following the completion of the bidding process.

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According to company's regulatory filing to the stock exchanges, the special purpose vehicle (SPV) had been established for the development of the “NERGS-III Siang Basin Transmission” project and was transferred on May 26.

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According to the filing, the SPV was a wholly owned subsidiary of PFC Consulting Limited, which itself is a wholly owned subsidiary of Power Finance Corporation Limited.

PFC said it received a consideration of Rs 19.70 crore for the sale and transfer of the SPV, in accordance with the Share Purchase Agreement executed with the successful bidder.

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