Power Finance Corp incorporates two special-purpose vehicle companies as subsidiaries

In a regulatory filing, PFC also said that these SPV companies will include NES Dharashiv Transmission Limited and NES Navi Mumbai Transmission Limited.

NSE Dharavi Transmission is being incorporated for the transmission scheme to develop the network expansion in Maharashtra for evacuation or generation of renewable energy from Dharashiv and Beed District, PFC said.

NES Navi Mumbai Transmission Ltd was incorporated for the purpose of a transmission scheme to provide energy supply to Data Centre Loads in Mumbai.

In a letter of intent dated January 17, 2025, the Maharashtra State Electricity Transmission Company Limited (MSETCL) appointed PFC Consulting as the Bid Process Coordinator (BPC).

PFC Consulting Ltd (PFCCL) will therefore oversee the bidding process to select a private entity for the projects to develop the above-mentioned transmission network projects in Maharashtra.

Further, once the bidding process has been concluded, the two SPVs will be transferred to the successful bidder.

“Accordingly, the above SPVs have been incorporated as wholly owned subsidiaries of PFCCL to develop the aforementioned transmission scheme. These SPVs will be transferred to the successful bidder after the completion of the bidding process. The successful bidder selected through the bidding process would develop the project,” the PSU said.

Additionally, PFC Chairman and Managing Director (CMD) Parminder Chopra was given the additional charge of CMD of REC with immediate effect, another regulatory filing said.

REC, under the same ministry, is a non-banking finance company (NBFC) focusing on power sector financing in India.

PFC’s share performance

The development came after the market hours on Friday. Shares of Power Finance Corporation (PFC) settled at ₹407.80, rising 1.35% on the National Stock Exchange (NSE).

The stock gained 5.10% over the week and 11.94% on a month-to-date basis. The scrip has declined 9.07% since the beginning of the year.

PFC reached its 52-week-high of ₹580 on July 12, 2024, and one-year low of ₹351.70 on March 20, 2024.

The company’s total market capitalisation is ₹1.35 lakh crore as of March 21, 2025, on the NSE.