Bid process coordinator REC Power Development & Consultancy Ltd (RECPDCL) has incorporated a wholly-owned subsidiary that will act as a project special purpose vehicle (SPV) for an intrastate transmission system (InSTS) scheme in Maharashtra.
A brief stock exchange communication by parent company REC Ltd said that RECPDCL, on June 29, 2025, incorporated “Jalna Power Transmission Ltd” that will act as a project SPV for an intrastate scheme in Maharashtra involving developing the 400/132kV Jalna substation in Jalna district of Maharashtra.
The said SPV will be transferred to the winning developer that will be selected under the tariff-based competitive bidding (TBCB) mechanism.
According to information available with T&D India, the bidder selection process for this InSTS-TBCB scheme has yet to begin.
TBCB in Maharashtra
In late 2024, Maharashtra State Transmission Utility (STU) came out with guidelines to determine the eligibility of intrastate transmission projects that could be developed under the TBCB framework. These guidelines came into force on April 1, 2025. One of the criteria relates to the project cost where any project whose cost is Rs.200 crore or more, excluding land cost and RI (reinstatement) charges, would be developed under the TBCB route. Further, all new InSTS projects that are part of the STU’s 10-year rolling plan will generally have TBCB as the implementation mode.
Exceptions to the TBCB framework would include augmentation of assets owned by the transmission licensee (MSETCL) or projects that are of critical nature, etc.
According to information available with T&D India, Maharashtra, following the aforementioned guidelines, is actively adopting the TBCB framework for development of its intrastate grid.
There are at least nine InSTS schemes, to be developed under the TBCB modality, and for which RECPDCL or PFC Consulting Ltd (PFCCL) have been nominated as bid process coordinators. PFCCL is handling five schemes and RECPDCL, four. As of June 30, 2025, seven of these nine schemes were under bidding.
Going by current timelines, the developer selection for these nine schemes should take place during Q2 (July to September) of current year FY26.
Also read: RECPDCL incorporates SPV for Rajgarh-Neemuch ISTS scheme in Madhya Pradesh
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