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PFC transfers three projects to Adani Transmission

Updated: March 23, 2016 1:00 pm

State-run Power Finance Corporation has transferred three step-down subsidiaries, set up to execute electricity grid projects, to Adani Transmission Ltd. Adani Transmission is the investing affiliate of Adani Power Ltd, which earlier this year won the bid to execute the three projects in Chhattisgarh. Both companies are part of the billionaire Gautam Adani-led Adani group. Power Finance held the three units through wholly owned consultancy arm PFC Consulting Ltd. Financial details of the transfer were not disclosed. The state-run company is the power ministry’s nodal agency to invite tariff-based bids for generation and transmission projects. While inviting bids it sets up wholly subsidiaries that arrange regulatory clearances and later transfers the units to the successful bidder.

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