ISTS-TBCB bidding pipeline gets major boost with mega schemes approved
- September 1, 2025
The bidding pipeline of the ISTS-TBCB development space is set to get a major boost with mega schemes worth Rs.29,000 crore newly cleared.
In its latest meeting, held in mid-August 2025, National Committee on Transmission (NCT) cleared a total of six ISTS-TBCB schemes with aggregate estimated cost of Rs.29,092 crore.
This makes it the biggest set of clearance, both in terms of aggregate project cost as well as number of ISTS-TBCB schemes, in recent history.
The six schemes cleared offer a diversity of objectives – two of them relate to strengthening of interregional transfer capacities, while an equal number have to do with integration of renewable energy from the southern region. One scheme deals with transmitting power to upcoming green hydrogen/green ammonia plants in Andhra Pradesh. The sixth scheme will take shape in northeast India and will deal with evacuation of hydropower from upcoming plants in the Siang basin of Arunachal Pradesh.
Bid process coordinators
The newly-cleared schemes have been equally distributed among the two bid process coordinators – PFC Consulting Ltd (PFCCL) and REC Power Development & Consultancy Ltd (RECPDCL). Bidding will begin once these schemes receive final approval from the Union power ministry.
Infrastructure development
Going by rough estimates, these six schemes will entail development of over 5,000 ckm of transmission lines and around 48,000 MVA of transformation capacity, apart from a large number of supporting elements. The geographical footprint of the six schemes spans four regional grids – western, eastern, northeastern and southern.
Based on empirical timelines, all these six schemes are expected to be awarded to successful bidders, to be selected under the tariff-based competitive bidding (TBCB) framework, well within the ongoing fiscal year, FY26. One can therefore assume that award of contracts and commencement of construction work to take place by Q4FY26 or Q1FY27.
Going by the high capital cost of these six schemes, it appears that bidder interest will be mainly seen among seasoned players of the likes of Power Grid Corporation of India Ltd, Adani Energy Solutions Ltd, Resonia, Tata Power, etc.
Business potential
T&D India estimates that as of August 30, 2025, there is a shelf of around 25 ISTS-TBCB schemes that are under various stages of bidding and that are likely to be awarded latest by end of FY26. This includes ten schemes were bidding has yet to begin (including the six schemes discussed in this story) as well as four schemes where the LoI has been issued to the successful bidder, but formal SPV transfer is pending.
The total estimated cost of these 25 schemes is in the region of Rs.1 trillion (Rs.1 lakh crore). Assuming that 50 per cent of the project cost is towards equipment, the business opportunity for equipment suppliers – particularly those catering to EHV power transmission infrastructure – between now and March 2026, is in the region of Rs.50,000 crore.
This, just to reiterate, is with respect to ISTS schemes being developed under the TBCB framework. Significant business opportunity also exists under ISTS projects awarded to PGCIL and private developers under the regulated tariff mechanism (RTM) modality.
Single largest scheme
By current thinking, the single-largest ISTS-TBCB project that is likely to be awarded during FY26 is the ±800kV Barmer (Rajasthan) to South Kalamb (Maharashtra) HVDC link with transfer capacity 6,000 MW. Bidding for this project is yet to be initiated though. If awarded by end-March 2026, it could be the among the first two ISTS-TBCB schemes with HVDC technology this fiscal. Another HVDC scheme housed under “KPS III HVDC Transmission Ltd” has been under bidding since September 2024 with multiple extensions in bid submission date. However, latest the official status suggests that this ±500kV Khavda Pooling Station-3 (Gujarat) to South Olpad (Gujarat) HVDC link might come up for award this fiscal.
HVDC schemes
In FY25, two HVDC schemes were awarded under the TBCB guidelines, with Power Grid Corporation of India Ltd (PGCIL) and Adani Energy Solutions Ltd (AESL) being the respective winners. What PGCIL won, in November 2024, was India’s very first HVDC scheme under TBCB. Adani Energy Solutions went on to win the second such scheme in January 2025, also making it the first ISTS-TBCB scheme with HVDC infrastructure, to be awarded to a private entity.
Also read: ISTS-TBCB market takes a breather, only two schemes formally awarded in Q1FY26
Featured photograph (source: Adani Energy Solutions Ltd) is for representation only