Resonia Ltd (formerly Sterlite Power) and Dineshchandra R. Agrawal Infracon Pvt Ltd (DRAIPL) have won one interstate transmission system (ISTS) scheme each, under the tariff-based competitive bidding (TBCB) framework.
Bid process coordinator PFC Consulting Ltd (PFCCL) formally transferred the project special purpose vehicles to the respective winning developers on July 23, 2025, Power Finance Corporation Ltd (the holding company of PFCCL) said in a stock exchange notification dated July 24, 2025.
Here are details of the two schemes:
Resonia Ltd
Project SPV: NER Expansion Transmission Ltd
ISTS scheme: North-Eastern Region Expansion Scheme – XXV Part-A (NERES-XXV Part-A)
Date of SPV transfer: July 23, 2025
Winning tariff: Rs.1894.40 million per year
Other contenders: Power Grid Corporation of India Ltd (PGCIL), Adani Energy Solutions Ltd (AESL), Techno Electric & Engineering Company Ltd
Estimated project cost: Rs.825 crore
Project location: Assam
Gestation period: 36 months
Major project element: New 400kV Bornagar ISTS switching station, Assam
DRAIPL
Project SPV: Raghanesda RE Transmission Ltd
ISTS scheme: Transmission system for evacuation of power from Raghanesda area of Gujarat – 3 GW (Phase I)
Date of SPV transfer: July 23, 2025
Winning tariff: Rs.2328.71 million per year
Other contenders: PGCIL, AESL, Resonia Ltd, Torrent Power, Reliance Industries, KCC Buildcon, Kalthia Engineering & Construction Ltd
Estimated project cost: Rs.1,885 crore
Project location: Gujarat
Gestation period: 30 months
Major project element: New 3×1500 MVA, 765/400kV GIS substation near Raghanesda, Gujarat
It may be noted that in the case of Raghanesda RE Transmission, there were totally eight bidders (including the winner DRAIPL) that were technically qualified for opening of initial price bids. However, a maximum of four bidders are allowed to participate in the e-reverse auction, the details of which are not yet available.
Cumulative status
During the current fiscal year FY26 so far (April 1, 2025 to July 23, 2025) a total of four ISTS-TBCB schemes have been formally transferred to winning developers. Prior to the two schemes discussed in this story, two were transferred in the first quarter (Q1: April to June), as detailed in this exclusive T&D India story dated July 8, 2025.
Featured photograph (source: Resonia) is for representation only