PFC arm incorporates SPV to develop transmission scheme

Power Finance Corporation's wholly owned subsidiary, PFC Consulting has incorporated a special purpose vehicle (SPV) company, NER Expansion Transmission the purpose of North-Eastern Region Expansion Scheme-XXV Part-A (NERES-XXV Part-A).

Earlier, on 30 August 2024, PFC Consulting had been appointed as bid process coordinator (BPC) by Ministry of Power for the purpose of selection of bidder as transmission service provider (TSP) to establish a transmission system through tariff based competitive bidding process (TBCB).

As per the provisions of TBCB Guidelines, the BPC has to prepare the project profile and initiate the process of land acquisition and forest clearance, if required. For these activities, a SPV is required to be incorporated which will take up various preparatory activities of the transmission projects, e.g., survey and preparation of report, initialization of the process of acquisition of land and also initiate the process of seeking forest clearance, if required.

Accordingly, the SPV has been incorporated as a wholly owned subsidiary of PFC Consulting to develop the aforementioned transmission scheme. This SPV 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.

Power Finance Corporation (PFC) is a leading power sector public financial institution and a non-banking financial company providing fund and non-fund-based support for the development of the Indian power sector.

The company's consolidated net profit rose 8.85% to Rs 7,214.90 crore on 14.96% increase in total revenue from operations to Rs 25,721.79 crore in Q2 FY25 over Q2 FY24.

The scrip added 0.25% to close at Rs 513.75 on Friday, 6 December 2024.

Powered by Capital Market - Live News