PFC transfers two transmission subsidiaries to private bidders

Power Finance Corporation Ltd (PFC) has transferred ownership of two wholly owned subsidiaries, Raghanesda RE Transmission Ltd and NER Expansion Transmission Ltd, to private entities through tariff-based competitive bidding, according to a regulatory filing dated July 24.

NER Expansion Transmission Ltd, the project special purpose vehicle (SPV) for the North-Eastern Region Expansion Scheme – XXV Part-A (NERES-XXV Part-A), has been acquired by Resonia Ltd. The SPV was transferred on July 23, 2025, at a winning annual tariff of Rs 1894.40 million. Other bidders included Power Grid Corporation of India Ltd (PGCIL), Adani Energy Solutions Ltd (AESL), and Techno Electric & Engineering Company Ltd. The project, located in Assam, has an estimated cost of Rs 825 crore and a gestation period of 36 months. A major component includes a new 400kV Bornagar ISTS switching station.

Raghanesda RE Transmission Ltd, the SPV for the Transmission system for evacuation of power from Raghanesda area of Gujarat – 3 GW (Phase I), has been awarded to Dineshchandra R. Agrawal Infracon Pvt Ltd (DRAIPL). The SPV was also transferred on July 23, 2025, at a winning annual tariff of Rs 2328.71 million. Competing firms included PGCIL, AESL, Resonia Ltd, Torrent Power, Reliance Industries, KCC Buildcon, and Kalthia Engineering & Construction Ltd. The project is located in Gujarat, with an estimated cost of Rs 1,885 crore and a 30-month gestation period. A key project element is a new 3×1500 MVA, 765/400kV GIS substation near Raghanesda.