POWER FINANCE CORPORATION LTD.

Power Finance Corporation Ltd (PFC) has announced the incorporation of Khushkhera Transmission Limited as a wholly-owned subsidiary of its subsidiary, PFC Consulting Limited (PFCCL). This Special Purpose Vehicle (SPV) is established to undertake preparatory activities for the 400 KV GSS Bhojrajka (Khushkhera) transmission project, including surveys, land acquisition, and forest clearance processes. PFCCL has been appointed as the Bid Process Coordinator (BPC) by the Rajasthan State Government for this project, selected through tariff-based competitive bidding. The SPV will be transferred to the successful bidder selected through the bidding process.

Power Finance Corporation Ltd (PFC) has announced the incorporation of two Special Purpose Vehicle (SPV) companies, Solapur SEZ Power Transmission Limited and Karur REZ Power Transmission Limited. These SPVs are wholly owned subsidiaries of PFC Consulting Limited (PFCCL), which is itself a wholly owned subsidiary of PFC. The SPVs are established to undertake preparatory activities for independent transmission projects, including surveys, land acquisition, and forest clearance processes. PFC Consulting Limited has been nominated as the Bid Process Coordinator (BPC) for these projects by the Ministry of Power. The SPVs will be transferred to the successful bidders selected through a tariff-based competitive bidding process.

Power Finance Corporation Limited (PFC) announced the incorporation of 'Northern Region Power Transmission Limited' as a wholly owned subsidiary of its subsidiary, PFC Consulting Limited. This Special Purpose Vehicle (SPV) will undertake preparatory activities for a transmission project in the Northern Region Grid, including land acquisition and forest clearance, as nominated by the Ministry of Power. The SPV will be transferred to the successful bidder selected through a tariff-based competitive bidding process.

Power Finance Corporation Ltd (PFC) has received No Objection letters from BSE Limited and National Stock Exchange of India Limited for the proposed scheme of merger of REC Limited with and into PFC. This follows the board approvals received on June 28, 2026. The merger is subject to other regulatory approvals, including from the RBI, and the approval of shareholders and creditors. SEBI has provided comments on the draft scheme, emphasizing disclosure of ongoing proceedings, fulfillment of conditions, potential approvals for changes in share exchange ratio, and compliance with various regulations and circulars.

Power Finance Corporation Ltd (PFC) has announced the incorporation of Kadapa II REZ Transmission Limited as a wholly-owned subsidiary of its subsidiary, PFC Consulting Limited (PFCCL). This Special Purpose Vehicle (SPV) will undertake preparatory activities for the Kadapa-II REZ transmission project, including surveys, land acquisition, and forest clearance processes. PFCCL has been nominated as the Bid Process Coordinator (BPC) by the Ministry of Power for this project, which will be transferred to the successful bidder selected through tariff-based competitive bidding.

Power Finance Corporation Ltd (PFC) has announced the transfer of three wholly-owned subsidiaries: Jam Khambhaliya REZ Transmission Limited, Lakadia C Power Transmission Limited, and Lakadia A Power Transmission Limited. These subsidiaries were transferred to their respective successful bidders on October 12, 2026. Power Grid Corporation of India Limited acquired Jam Khambhaliya REZ Transmission Limited and Lakadia C Power Transmission Limited for ₹19.22 Crores and ₹19.94 Crores respectively. AnantGrid Projects One Private Limited acquired Lakadia A Power Transmission Limited for ₹19.32 Crores. The total consideration for these three divestments amounts to ₹58.47 Crores. PFC stated that these transactions do not fall within the purview of related party transactions and are not in the nature of a slump sale.

Power Finance Corporation Ltd (PFC) has announced the divestment of its wholly-owned subsidiary, Satara Power Transmission Limited, to Adani Energy Solutions Limited. The sale, which was completed on October 6, 2026, generated a consideration of ₹19,01,24,505 (Rupees Nineteen Crore One Lakh Twenty Four Thousand Five Hundred and Five Only). Satara Power Transmission Limited was established for the development of a transmission system near Satara, Western Region. Adani Energy Solutions Limited was the successful bidder and is not part of PFC's promoter group. The net worth and turnover contributed by this unit were negligible.

Power Finance Corporation Limited (PFC) has announced a change in its senior management. Shri Rajesh Kumar Shahi, Executive Director (Projects), will superannuate from his services on September 30, 2026 (afternoon). This change is in compliance with SEBI (LODR) Regulations, 2015. No further details regarding appointments or relationships were provided in this intimation.

Power Finance Corporation Ltd (PFC) has announced the transfer of its wholly-owned subsidiaries, Latur REZ Transmission Limited and Raigad Power Transmission Limited, to successful bidders. Latur REZ Transmission was sold to Montecarlo Energy Limited for ₹3,71,81,895, while Raigad Power Transmission was acquired by Apraava Energy Private Limited for ₹7,40,55,693. The transactions were completed on September 28, 2026. These subsidiaries were established for specific power transmission projects. The net worth and turnover contributed by these units were negligible.

Power Finance Corporation Limited (PFC) has announced the incorporation of 'Malegaon Power Transmission Limited' as a wholly-owned subsidiary of its subsidiary, PFC Consulting Limited. This Special Purpose Vehicle (SPV) is established to undertake preparatory activities for the establishment of a 400/220 kV Malegaon (Saundane) Sub-Station. These activities include surveys, land acquisition, and forest clearance processes, as mandated by the Ministry of Power for Independent Transmission Projects selected through tariff-based competitive bidding. The SPV will be transferred to the successful bidder selected via international competitive bidding.