PFC forms four SPVs for transmission projects in Rajasthan, Karnataka

Power Finance Corporation’s wholly owned subsidiary, PFC Consulting Limited, has incorporated four special purpose vehicles (SPVs) to develop high-voltage transmission infrastructure in Rajasthan and Karnataka, the state-owned lender disclosed to stock exchanges on Monday.

Two SPVs, Babai Transmission Limited and Bikaner Transmission Limited, will develop transmission systems for 765 kV grid substations at Babai and Bikaner (Pugal) in Rajasthan. These projects were recommended by the State Committee on Transmission and approved by the state government in October 2025.

The other two entities, Humnabad Power Transmission Limited and Hebbani Power Transmission Limited, will develop 400 kV transmission systems in Bidar and Mandya districts of Karnataka. Karnataka Power Transmission Corporation Limited (KPTCL) nominated PFC Consulting as the bid process coordinator (BPC) for these schemes, with approval from the state energy department in October 2025.

PFC Consulting is serving as the BPC for all four projects under the Ministry of Power’s tariff-based competitive bidding (TBCB) framework for independent transmission projects. Under this structure, the SPVs will undertake preparatory activities such as surveys, land acquisition, and forest clearance, before being transferred to the selected bidder after the bidding process.

The final developer, to be chosen through international competitive bidding, will be responsible for execution and operation of the transmission assets.

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