PFC Divests Two Transmission SPVs for ₹39.4 Crore in Asset-Light Strategy

Power Finance Corporation Limited (PFC), through its consulting arm PFC Consulting Limited, successfully divested two wholly-owned subsidiaries on August 3, 2026, for a combined cash consideration of ₹39.43 crore. Key Deal Highlights: Krishnagiri REZ Transmission Limited: Sold to Power Grid Corporation of India Limited for ₹19.82 crore. Ananthpuram Transmission Limited: Sold to Apraava Energy Private Limited for ₹19.62 crore. Strategic Rationale: Asset-Light Model: This transaction perfectly illustrates PFC’s efficient "operational rollover" strategy. PFC creates Special Purpose Vehicles (SPVs), secures early-stage regulatory clearances, and then transfers them to successful bidders under the Tariff-Based Competitive Bidding (TBCB) framework. Risk Mitigation & Value Creation: By divesting at this stage, PFC avoids long-term construction and execution risks while generating upfront cash and earning coordination fees. Market Implications & Outlook: For PFC, this reinforces its capital-efficient, asset-light financial profile while ensuring a steady stream of advisory and coordination fee income. For the buyers, it provides immediate execution readiness; Power Grid expands its southern region transmission footprint with a pre-cleared green energy evacuation project, while Apraava Energy accelerates its infrastructure development timeline. This model continues to be a highly effective catalyst for India's power transmission capacity expansion.