Navinal Transmission Limited Incorporated as wholly owned Subsidiary of PFC Consulting Limited
State- owned unit PFCCL has informed through exchange filing that the Special Purpose Vehicle (SPY) Company, Navinal Transmission Limited has been incorporated as a wholly owned subsidiary of PFC Consulting Limited (PFCCL) (a wholly owned subsidiary of Power Finance Corporation Limited (PFC).
The Purpose of the SPV company is for development of "Network Expansion Scheme in Navinal (Mundra) area of Gujarat for drawal of power in the area".
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PFC Consulting Limited (a wholly owned subsidiary of Power Finance Corporation Limited) has been nominated as the 'Bid Process Coordinator' (BPC) for the selection of developers through tariff based competitive bidding for the Independent Transmission Projects (ITPs) by Ministry
of Power.
As per the provisions of tariff based competitive bidding Guidelines issued by the Ministry of Power, the BPC has to prepare the project profile and initiate the process of land acquisition and forest clearance, if required. For these activities, a Special Purpose Vehicle (SPV) is required to be incorporated which will take up various preparatory activities of the transmission projects e.g. survey and preparation of report, initialization of the process of acquisition of land and also initiate the process of seeking forest clearance, if required.
The SPV has to be transferred to the Successful Bidder selected through the International Competitive Bidding Process under Tariff Based Competitive Bidding Guidelines for Transmission Service issued by the Ministry of Power.
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