Power Finance Corporation (PFC) has incorporated a new step-down subsidiary that will act as a special purpose vehicle for a power transmission scheme to be developed under the TBCB regime.
In a stock exchange communication, PFC said that its wholly-owned subsidiary PFC Consulting Ltd (PFCCL) has, in turn, incorporated a wholly-owned subsidiary “Mohanlalganj Transmission Ltd”. This company will act as a special purpose vehicle to develop a transmission scheme to be developed under the tariff-based competitive bidding (TBCB) mechanism.
The scope of the transmission scheme would be construction of 400/220/132kV GIS substation at Mohanlalganj (Lucknow, Uttar Pradesh) with associated 400kV lines, and other 765kV and 400kV LILO lines at 765kV GIS Substation Rampur and 400kV LILO (Quad Moose on Monopole) at 400kV GIS Substation Sector 123 Noida.
PFCCL will act as the bid process coordinator and select a developer using the TBCB modality. The SPV will be transferred to the selected developer who will develop the project under the build, own, operate and maintain (BOOM) route.
This scheme, estimated to cost around Rs.950 crore would be an intrastate project aimed at improving the transmission network in Lucknow, Uttar Pradesh.
According to information available with T&D India, PFCCL has already initiated the selection of the developer, through a global competitive bidding process.
Performance in FY11
In an independent announcement, PFC said that under the AatmaNirbhar discom liquidity support announced by the Government of India, PFC and its subsidiary REC have together sanctioned Rs.1,34,782 crore, so far, while disbursements stand at Rs.78,855 crore.
PFC also said that 25 per cent of its stressed book was resolved in FY21. Gross NPA ratio saw a sharp reduction of 238 bps from FY20. The current GNPA ratio is at 5.70 per cent against 8.08 per cent in FY20.
