PFC and REC subsidiaries incorporate SPVs for transmission projects
PFC Consulting Limited (PFCCL), a wholly owned subsidiary of state-owned Power Finance Corporation Limited, and REC Limited have incorporated new special purpose vehicles (SPVs) for transmission projects in Maharashtra, Rajasthan, and Gujarat. The developments were disclosed through regulatory filings dated May 8-9, 2026.
PFCCL incorporated two wholly owned subsidiaries, Western Ghats PSP Transmission Limited and Hingoli West Power Transmission Limited, for intra-state transmission projects in Maharashtra. Western Ghats PSP Transmission Limited will develop a 400 kV gas insulated switchgear (GIS) switching station at Igatpuri or Murbad in Thane district. Hingoli West Power Transmission Limited will establish a 400 kV air insulated substation (AIS) at Hingoli West in Hingoli district.
PFCCL has been appointed as the Bid Process Coordinator by the Government of Maharashtra following an Empowered Committee decision in January 2026 and a subsequent state government resolution issued in February 2026.
The SPVs will undertake preparatory work for the projects, including surveys, land acquisition, and forest clearance procedures, before being transferred to successful bidders selected through tariff-based competitive bidding.
Separately, REC incorporated three wholly owned transmission subsidiaries through REC Power Development and Consultancy Limited. The companies, Bhadla Ramgarh Power Transmission Limited, Lakadia II Power Transmission Limited, and Jam Khambhaliya Jamnagar Power Transmission Limited, will develop transmission systems for renewable energy evacuation in Rajasthan and Gujarat.
These SPVs will also be transferred to successful developers after completion of the tariff-based competitive bidding process.
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