New Delhi: A new Special Purpose Vehicle (SPV) named Saswad Transmission has been officially incorporated as a wholly owned subsidiary of PFC Consulting Limited (PFCCL), which in turn is a wholly owned subsidiary of Power Finance Corporation Limited (PFC). The SPV has been established for the development of a critical power transmission project titled “Establishment of 400/220 kV Saswad (Dist. Pune)”.
SPV Incorporated Following MSETCL’s Appointment of PFCCL as Bid Process Coordinator
The move follows the issuance of a Letter of Intent (LOI) dated March 19, 2025, by the Maharashtra State Electricity Transmission Company Limited (MSETCL), appointing PFCCL as the Bid Process Coordinator (BPC). The appointment authorizes PFCCL to manage the selection of a Transmission Service Provider (TSP) through a Tariff-Based Competitive Bidding (TBCB) process for executing the project.
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Role of SPV in Pre-Bid Project Development
As mandated by the Ministry of Power’s guidelines on tariff-based competitive bidding, the BPC must prepare the project profile, conduct preliminary surveys, and initiate processes for land acquisition and forest clearances, if applicable. These preparatory activities are to be undertaken by the incorporated SPV before the bidding process is completed.
The SPV is entrusted with carrying out the technical and regulatory groundwork, such as-
- Route survey and report preparation
- Initiating land acquisition procedures
- Initiating forest clearance applications (if required)
These steps are crucial for enabling a smooth transition to the Transmission Service Provider once selected.
Transfer of SPV to Successful Bidder Post-Bidding
Upon completion of the international competitive bidding process, the SPV – Saswad Transmission – will be transferred to the successful bidder, who will then be responsible for developing, implementing, and operating the transmission project as per regulatory norms.
This structure follows a well-established model under India’s TBCB framework, ensuring transparency, efficiency, and private sector participation in the development of high-capacity transmission infrastructure.
About PFCCL
PFC Consulting Limited (PFCCL) is a wholly-owned subsidiary of Power Finance Corporation Ltd. (PFC), established in 2008 to provide consultancy services to the power sector. PFCCL was formed to give PFC’s Consultancy Services Group (CSG) a separate identity and operational flexibility. It has experience in handling various assignments related to power sector development, including Ultra Mega Power Projects (UMPPs) and Independent Transmission Projects (ITPs).
Power Finance Corporation Ltd. is an Indian public sector company engaged in infrastructure finance activities. Established in 1986, it provides financing for the Indian power sector and is under the administrative control of the Ministry of Power, Government of India. PFC was categorised as “Maharatna” enterprise on October 12, 2021.
