New Delhi: Power Finance Corporation (PFC) on Monday announced that its wholly owned subsidiary, PFC Consulting Limited (PFCCL), has incorporated a new Special Purpose Vehicle (SPV), Malegaon Power Transmission Limited, for the development of a transmission project in Maharashtra.
The company made the disclosure through a regulatory filing dated September 28, 2026. Malegaon Power Transmission Limited has been incorporated as a wholly owned subsidiary of PFCCL, which itself is a wholly owned subsidiary of PFC.
Malegaon Power Transmission to Develop 400/220 kV Substation
The newly incorporated SPV will be responsible for the development of a 400/220 kV Malegaon (Saundane) substation in Nashik district of Maharashtra.
Key details of the project include:
- SPV: Malegaon Power Transmission Limited
- Parent company: PFC Consulting Limited (PFCCL)
- Ultimate parent: Power Finance Corporation (PFC)
- Project location: Nashik district, Maharashtra
- Transmission asset: 400/220 kV Malegaon (Saundane) substation
- Project development route: Tariff-Based Competitive Bidding (TBCB)
PFCCL Appointed as Bid Process Coordinator
The Ministry of Power has nominated PFCCL as the Bid Process Coordinator (BPC) for selecting a developer for the transmission project through the Tariff-Based Competitive Bidding route for Independent Transmission Projects.
Under the tariff-based competitive bidding framework, the BPC is responsible for undertaking various preparatory activities before the project is handed over to the successful bidder.
These activities include:
- Preparing the project profile.
- Conducting surveys and other preliminary work.
- Preparing necessary reports.
- Initiating land acquisition activities, wherever required.
- Initiating forest clearance processes, wherever applicable.
SPV to Be Transferred to Successful Bidder
Malegaon Power Transmission Limited will undertake the initial project development activities before the transmission project is awarded through the competitive bidding process.
Once the bidding process is completed, the SPV will be transferred to the successful bidder selected through the tariff-based competitive bidding route.
This structure allows the project to progress through preliminary activities before the final developer takes over its implementation.
Maharashtra Government Approved Transmission Development
The filing said that the State Empowered Committee on Transmission, at its 10th meeting held on May 12, 2026, nominated PFCCL as the Bid Process Coordinator for development of the transmission system through the tariff-based competitive bidding process.
Subsequently, the Government of Maharashtra conveyed its approval for the project through a Government Resolution dated July 10, 2026.
About Power Finance Corporation
Power Finance Corporation (PFC) is a government-owned financial institution under the Ministry of Power. It provides financial support and related services for the development of India’s power sector, including generation, transmission and distribution projects. PFCCL is its wholly owned subsidiary and undertakes consultancy and project development activities, including facilitating transmission projects through competitive bidding.
Read also: PFC Wins ‘Energy Infrastructure Finance Institution of the Year’ at Bharat Electricity Awards 2026
