Power Finance Corporation Limited (PFC) Subsidiary GIPCL Struck Off by Registrar with Effect from March 16, 2026
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Mumbai, March 17, 2026: Power Finance Corporation Limited (PFC) has announced the official dissolution of its wholly-owned subsidiary, Ghogarpalli Integrated Power Company Limited (GIPCL). The company has been struck off by the Registrar of Companies with effect from March 16, 2026, under Section 248 of the Companies Act, 2013.
Background on GIPCL
GIPCL was incorporated on May 22, 2008 as a Special Purpose Vehicle (SPV) to implement a 4,000 MW Ultra Mega Power Project in Odisha. The project was subsequently discontinued, and the Ministry of Power, Government of India, approved the closure of the company on November 27, 2025. Following regulatory approvals, PFC filed the necessary documents with the Ministry of Corporate Affairs (MCA), which finalized the strike-off on March 16, 2026.
PFC clarified that GIPCL was not a material subsidiary of the corporation and its closure does not impact the company’s operations.
Official Statement
In a statement, Manish Kumar Agarwal, Company Secretary & Compliance Officer of PFC, said:
"The strike-off of GIPCL is part of the regulatory and project closure process. All statutory approvals have been obtained, and the closure has been carried out in compliance with the Companies Act."
About Power Finance Corporation
PFC is a Government of India undertaking, providing financial assistance to power sector projects and facilitating infrastructure growth across the country. The company is listed on the National Stock Exchange (NSE) and BSE Limited, and operates under strict compliance and corporate governance standards.