New Delhi: Power Finance Corporation Ltd (PFC), a Maharatna public sector enterprise under the Ministry of Power, has officially transferred its step-down subsidiary, KPS III HVDC Transmission Limited, to Adani Energy Solutions Limited, the successful bidder for the project. The transaction was completed on December 12, 2025, following guidelines issued by the Ministry of Power.
Transfer of KPS III HVDC Transmission Limited
KPS III HVDC Transmission Limited, a wholly owned subsidiary of PFC Consulting Limited (itself fully owned by PFC), was created to develop the “Transmission System for Evacuation of Power from the potential renewable energy zone in Khavda area of Gujarat under Phase-V (8 GW): Part C.” The transfer of this Special Purpose Vehicle (SPV) to Adani Energy Solutions is aimed at supporting India’s renewable energy infrastructure, particularly in the Khavda region, which is considered a high-potential zone for green energy generation.
Transaction Details
According to PFC’s disclosure to stock exchanges, the subsidiary contributed a negligible share to PFC’s turnover and net worth in the previous financial year. The sale consideration amounted to ₹20,32,54,965, as per the terms of the Share Purchase Agreement.
The successful bidder, Adani Energy Solutions Limited, is not part of PFC’s promoter or promoter group, and the transfer does not fall under related-party transactions. PFC clarified that the transfer is not a slump sale and that the valuation and bidding process adhered strictly to the Ministry of Power’s transmission project guidelines. The transaction details have been submitted to both the National Stock Exchange (NSE) and BSE for compliance and disclosure.
Strategic Implications
The transfer of KPS III HVDC Transmission Limited underscores India’s ongoing focus on renewable energy evacuation and green power transmission. With increasing renewable capacity coming online, projects like Khavda are pivotal to efficiently transmitting power from renewable zones to load centers. The transfer to Adani Energy Solutions is expected to accelerate the implementation of the Khavda Transmission System, contributing to India’s clean energy transition.
About PFC
Power Finance Corporation Ltd (PFC) is a Maharatna PSU under the Ministry of Power, primarily engaged in financing power sector projects across India. With a strong presence in renewable energy and transmission financing, PFC plays a key role in supporting the country’s power infrastructure development and energy transition objectives.
