PFC Forms Four SPVs To Accelerate Power Transmission Projects In Rajasthan And Karnataka

Power Finance Corporation Limited (PFC) has announced the incorporation of four new wholly owned subsidiaries to strengthen power transmission infrastructure in India. These entities have been set up under PFC Consulting Limited (PFCCL), which will act as the nodal agency for executing initial project development activities.

The newly formed Special Purpose Vehicles (SPVs) are Babai Transmission Limited, Bikaner Transmission Limited, Humnabad Power Transmission Limited, and Hebbani Power Transmission Limited. These SPVs have been created as part of a structured approach to facilitate the development of key interstate transmission projects across Rajasthan and Karnataka.

Babai Transmission Limited and Bikaner Transmission Limited are focused on projects in Rajasthan. These projects involve the development of 765 kV transmission systems, including the Bikaner (Pugal) scheme. The recommendation to appoint PFCCL as the Bid Process Coordinator for these projects came from Rajasthan Rajya Vidyut Prasaran Nigam Limited following meetings held in August 2025.

Similarly, Humnabad Power Transmission Limited and Hebbani Power Transmission Limited will handle projects in Karnataka. These include 400 kV transmission systems in the Bidar and Mandya districts. Karnataka Power Transmission Corporation Limited nominated PFCCL for these roles, with formal approval from the government granted in October 2025.

As the Bid Process Coordinator, PFCCL will play a crucial role in the early stages of project development. Its responsibilities include preparing project reports, conducting surveys, and initiating procedures for land acquisition and forest clearances, in line with guidelines issued by the Ministry of Power.

The SPVs are temporary entities created to manage initial project development activities. Once these preliminary tasks are completed, developers will be selected through an international competitive bidding process based on tariff guidelines. After the selection, the respective SPV will be transferred to the successful bidder, who will then undertake the construction, operation, and maintenance of the transmission project.

This development was formally recorded on April 14, 2026, by Company Secretary Manish Kumar Agarwal. The move is aimed at streamlining project execution, reducing delays, and ensuring a transparent and efficient bidding process for both domestic and global investors.