Power Finance Corporation (PFC) on Monday announced that its wholly owned subsidiary, PFC Consulting Ltd, has successfully transferred a special purpose vehicle (SPV)—Angul Sundargarh Transmission Limited—to HG Infra Engineering for the development of a major power transmission project in Odisha.
The SPV was created for implementing the Eastern Region Generation Scheme-I (ERGS-I). HG Infra Engineering emerged as the successful bidder for the project through a tariff-based competitive bidding process.
In a regulatory filing to the stock exchanges, PFC confirmed that the sale and transfer of the SPV to HG Infra Engineering was completed on July 28.
The Ministry of Power had appointed PFC Consulting Ltd as the nodal agency for identifying and selecting a transmission service provider for the project. The initiative aims to bolster the transmission infrastructure in the eastern region and facilitate the evacuation of power from generation sources.
The successful completion of the bidding and transfer process marks another milestone in the government’s efforts to strengthen the national grid through private participation and competitive transparency.
About PFC
Power Finance Corporation Ltd. is an Indian public sector company engaged in infrastructure finance activities. Established in 1986, it provides financing for the Indian power sector and is under the administrative control of the Ministry of Power, Government of India. PFC was categorised as “Maharatna” enterprise on October 12, 2021.
