It has been a very interesting case of “equal distribution” of ISTS-TBCB schemes formally transferred to winning developers during the current fiscal year, up to July 23, 2025.
During the said period, a total of four ISTS-TBCB schemes were formally transferred to as many winning developers.
The ISTS-TBCB award process this fiscal kicked off with Adani Energy Solutions Ltd (AESL) acquiring WRNES Talegaon Power Transmission Ltd on May 30, 2025, followed by Power Grid Corporation of India Ltd (PGCIL) taking over MEL Power Transmission Ltd on June 4, 2025.
More recently, on July 23, 2025, Resonia Ltd acquired NER Expansion Transmission Ltd while Raghanesda RE Transmission Ltd was transferred to Dineshchandra R. Agrawal Infracon Pvt Ltd (DRAIPL).
This phenomenon of “equal distribution” might well be extended to the fifth scheme “Angul Sundargarh Transmission Ltd” for which debutant H.G. Infra Engineering Ltd received the letter of intent on around June 20, 2025 but the formal transfer of SPV was still pending as of July 23, 2025.
Interestingly, in each of the five schemes in discussion, PFC Consulting Ltd is associated as the bid process coordinator.
For DRAIPL, Raghanesda RE Transmission Ltd is the company’s second ISTS-TBCB win, after it debuted in the space by clinching Rajasthan IV 4B Power Transmission Ltd on December 30, 2024.
DRAIPL can also be credited for winning the biggest (as reflected in the tariff) of the four ISTS-TBCB schemes formally awarded this fiscal so far. The annual transmission charge (tariff) of DRAIPL’s win — Raghanesda RE — is Rs.2,328.71 million per year.
Upcoming SPV transfers
According to information available with T&D India, there is currently only one ISTS-TBCB scheme where bidders have been technically qualified for opening of price bids, but the L1 bidder has yet to be announced.
This scheme is housed under “Kandla GHA Transmission Ltd” and involves setting up transmission infrastructure for supplying green energy to upcoming green hydrogen/green ammonia plants in Kandla, Gujarat. With an estimated cost of around Rs.2,775 crore, this scheme has five prominent players in the fray – PGCIL, AESL, Reliance Industries, Tata Power and Resonia.
If, per chance, this scheme is awarded to Reliance Industries or Tata Power, it could very well be that this “equal distribution” phenomenon progresses to its sixth consecutive case.
Editor’s Note: It is learnt that Reliance Industries Ltd (RIL) has emerged L1 for the “Kandla GHA Transmission Ltd” scheme as per a RIL stock exchange notification dated April 25, 2025. However, to the best of T&D India’s knowledge, the SPV has not yet been formally transferred to RIL till the time of filing this story.
Featured photograph (source: PGCIL) is for representation only