Bid process coordinator PFC Consulting Ltd (PFCCL), on March 12, 2026, formally transferred two intrastate transmission system (InSTS) schemes to their respective winners – Power Grid Corporation of India Ltd (PGCIL) and Montecarlo Ltd – selected under the tariff-based competitive bidding (TBCB) mechanism.
While PGCIL acquired “NES Pune East New Transmission Ltd”, Montecarlo’s acquisition was “NES Dharashiv Transmission Ltd.”
Both these project SPVs were incorporated as wholly-owned subsidiaries of PFCCL, and will now be under the ownership of their new acquirers.
The development is significant on several counts. For PGCIL, it marks the formal entry of the Central PSU in the intrastate power transmission development space in Maharashtra. For Montecarlo, it marks the company’s first-ever power transmission project under the TBCB framework.
As reported by tndindia.com on February 12, 2026, Ahmedabad-headquartered Montecarlo won NES Dharashiv, facing competition from top players like PGCIL, Adani Energy Solutions and Resonia Ltd. Even state transco Maharashtra State Electricity Transmission Company Ltd (MSETCL) had qualified for opening of price bids. (Details on Montecarlo’s winning tariff are awaited.)
In the case of NES Pune East New, PGCIL was in the fray along with three other bidders, as reported by tndindia.com on February 4, 2026. Apart from being PGCIL’s first TBCB power transmission project in Maharashtra, it is also the biggest TBCB project won by PGCIL during FY26 so far – covering both interstate and intrastate schemes – in terms of annual transmission charge (tariff). Though PGCIL’s winning tariff for NES Pune East is not yet available, it is estimated to be around Rs.368.50 crore.
Project outlines
NES Dharashiv: This scheme, to be implemented in 24 months, involves setting up a new 400/220kV, 2×500 MVA substation (AIS) at Washi in Dharashiv district. This substation will be connected to existing substations in Maharashtra like Manjarsumba, Paranda and Kalamb, as well as the proposed Pune East (New) substation, which is incidentally being set up by PGCIL under the newly-acquired “NES Pune East New Transmission Ltd.”
NES Pune East New: With a completion period of 24 months, the scheme mainly involves putting up a new 765/400kV, 2×1500 MVA AIS substation at Pune (East), supported by a 1×240 MVAR bus reactor at 765kV level. This substation will be connected to existing substations of MSETCL like Karjat and Lonikand-II, at 400kV level. Besides, the upcoming 765kV Pune [Shikrapur] (GIS) – Pune III (GIS) line will also be LILO-ed at the upcoming Pune (East) substation.
InSTS-TBCB in Maharashtra: Diverse developer community
According to an independent analysis by tndindia.com, following the aforementioned two SPVs transfers, Maharashtra has so far formally transferred a total of six intrastate schemes under the TBCB guidelines. The community of winning developers offers an interesting diversity. It includes the state transmission service provider, MSETCL; the country’s biggest power transmission utility, PGCIL; Maharashtra’s oldest private utility, Tata Power; EPC player turned power transmission developer, Ceigall India; and, power T&D EPC contractor turned developer, Montecarlo Ltd.
Imminent award
Two intrastate-TBCB schemes in Maharashtra, housed under “Jalna Power Transmission Ltd” and “Musalgaon Power Transmission Ltd” are expected to be awarded in the coming weeks. In both cases, bidders eligible for opening of initial price bids have been shortlisted.
Featured photograph (source: PGCIL) shows the formal transfer of “NES Pune East New Transmission Ltd” from PFCCL to PGCIL, on March 12, 2026.