New Delhi: PFC Consulting Limited has incorporated a special purpose vehicle (SPV) as its wholly owned subsidiary for the development of independent transmission projects, according to a regulatory statement.

PFC Consulting Limited (PFCCL), a wholly-owned subsidiary of Power Finance Corporation (PFC) under the Ministry of Power, is the nodal agency for the development of integrated power development scheme (IPDS), ultra mega power projects (UMPPs) and bid process coordinator for independent transmission projects (ITPs).

"Neemrana II Kotputli Transmission Ltd for development of transmission system for evacuation of power from Rajasthan REZ Ph-IV (Part-1: Bikaner Complex) Part-B, a SPV for development of independent transmission projects, has been incorporated as wholly-owned subsidiary of PFC Consulting Ltd," Power Finance Corporation informed the exchanges on Tuesday.

The SPV has to be transferred to the successful bidder selected through a competitive bidding process, it said.