New Delhi: Power Finance Corporation Limited (PFC) has completed the transfer of NERGS III Siang Basin Transmission Limited, a special purpose vehicle (SPV), to Dineshchandra R. Agrawal Infracon Private Limited for a total consideration of ₹19.70 crore, according to a regulatory filing submitted to stock exchanges.
The transaction was completed on May 26, 2026, and officially disclosed on May 27, 2026.
SPV Set Up for Siang Basin Transmission Project
NERGS III Siang Basin Transmission Limited was originally created for the development of the “NERGS-II Siang Basin” transmission project. The entity functioned as a special purpose vehicle under PFC Consulting Limited, which is a wholly owned subsidiary of Power Finance Corporation. The SPV was established specifically to execute transmission infrastructure development under government-guided power sector planning.
Successful Bidder and Deal Value
PFC confirmed that Dineshchandra R. Agrawal Infracon Private Limited emerged as the successful bidder for the acquisition of the SPV. The total transaction value was ₹19.70 crore, which was received by PFC as part of the share purchase agreement executed between the parties. The company also clarified that the buyer does not belong to the promoter or promoter group and the transaction is not a related party deal.
Transaction Not Classified as Slump Sale
In its filing, PFC stated that the transfer does not qualify as a slump sale. The valuation and divestment process were carried out in accordance with guidelines issued by the Ministry of Power, Government of India. The disclosure was signed by Manish Kumar Agarwal, Company Secretary and Compliance Officer of Power Finance Corporation Limited.
About Power Finance Corporation (PFC)
Power Finance Corporation Limited (PFC) is a leading public financial institution under the Government of India, primarily engaged in financing the power sector. It plays a crucial role in supporting infrastructure development, funding generation and transmission projects, and ensuring financial stability in India’s energy ecosystem.
