Power Finance Corporation Limited — Important, 06-12-2024: General Updates

A wholly owned subsidiary, NER Expansion Transmission Limited, has been incorporated by PFC Consulting Limited to manage the North-Eastern Region Expansion Scheme-XXV Part-A. This initiative aligns with the Ministry of Power's direction to select a Transmission Service Provider through a Tariff Based Competitive Bidding Process. The new subsidiary will undertake essential preliminary activities, including surveys, land acquisition, and obtaining forest clearances if necessary. Upon completion of the bidding process, the subsidiary will be transferred to the selected bidder, who will be responsible for developing the transmission project. This development presents a strategic opportunity for PFC as it strengthens its role in expanding transmission infrastructure in the region. Shareholders should watch closely for updates on the bidding process and the project's potential impacts on future growth.