Three intrastate-TBCB schemes in Maharashtra transferred to winning developers, big names score first wins

T&D News

Venugopal Pillai
September 29, 2026

In a significant development for Maharashtra, the project SPVs of three intrastate-TBCB schemes were formally awarded to their respective winners. Big names in the interstate transmission domain marked their first intrastate wins in the western state.

The project SPVs of three interstate schemes in Maharashtra, where winners were selected under the tariff-based competitive bidding (TBCB) mechanism, were formally transferred to their respective winners, on September 28, 2026.

Big names like Resonia Ltd and Apraava Energy, which have been longstanding players in the interstate transmission system (ISTS) space, marked their first intrastate-TBCB victories in Maharashtra. In fact, for Apraava Energy, it was the company’s first-ever intrastate-TBCB win.

Project SPV: Balsane Power Transmission Ltd
BPC: RECPDCL
Scheme: Establishment of 765/400/220kV AIS Balsane (Dist. Dhule)
Selected developer: Resonia Ltd
Other bidders: PGCIL, AESL, Montecarlo, Ceigall India, Montecarlo, DRAIPL
Winning tariff: Rs.2367.85 million per year
Highlight: Resonia marks debut in intrastate-TBCB space in Maharashtra, and its second intrastate-TBCB win overall, after Hampapura in Karnataka. (On September 28, 2026, tndindia.com had reported Resonia being named L1 bidder for Balsane scheme.)

Project SPV: Raigad Power Transmission Ltd
BPC: PFCCL
Scheme: Establishment of 765/400/220kV AIS Kandalgaon (Dist. Raigad)
Selected developer: Apraava Energy
Other bidders: PGCIL, Resonia, AESL, Tata Power
Winning tariff: Not yet available
Highlight: Apraava Energy marks debut in intrastate-TBCB space. (On July 3, 2026, tndindia.com had reported Apraava Energy showing interest in intrastate-TBCB space.)

Project SPV: Latur REZ Transmission Ltd
BPC: PFCCL
Scheme: Establishment of 400/220/132kV AIS Latur
Selected developer: Montecarlo Energy Ltd
Other bidders: PGCIL, Resonia, AESL, MSETCL, KCC Buildcon, Lumino Industries
Winning tariff: Not yet available
Highlight: Montecarlo’s second intrastate-TBCB scheme after “NES Dharashiv Transmission Ltd,” also in Maharashtra.

Imminent transfers of intrastate-TBCB schemes in Maharashtra

While the aforementioned three schemes have taken Maharashtra’s overall tally to 13, in terms of TBCB schemes formally transferred to winning bidders, the following SPVs are likely to follow suit in the coming weeks.

Raigad Power Transmission

In a release, Apraava Energy said that the newly-acquired Raigad Power Transmission Ltd project involves setting up around 400 ckm of transmission lines, including around 340 ckm of 765kV voltage, along with a 4,500 MVA (3×1,500 MVA) 765/400/220 kV pooling station.

Commenting on the win, Rajiv Ranjan Mishra, Managing Director, Apraava Energy, said, “The Raigad Power Transmission Ltd project will play an important role in strengthening Maharashtra’s transmission network and enabling the reliable integration of renewable energy. Maharashtra holds a special place in our journey, as it was here that we entered the renewable energy sector with our first wind project in 2006. As one of India’s key economic and industrial hubs, Maharashtra requires a robust and resilient transmission network to meet its growing energy needs. Apraava remains focused on expanding its transmission portfolio and building the infrastructure needed to enable India’s energy transition.”

Impact on portfolio

Apraava currently operates three transmission assets comprising ~1,000 ckm of transmission lines and 3,500 MVA of substation capacity. With the addition of Raigad Power Transmission Ltd, Apraava now has five greenfield transmission projects under construction, which will collectively add ~1,580 ckm of transmission lines and ~18,000 MVA of substation capacity, the release added.

Featured photograph shows formal transfer of “Raigad Power Transmission Ltd” from PFC Consulting Ltd to Apraava Energy, on September 28, 2026. (Photo: Apraava Energy)

Key to abbreviations: AESL = Adani Energy Solutions Ltd; BPC = Bid Process Coordinator; DRAIPL = Dineshchandra R. Agrawal Infracon Pvt Ltd; MSETCL = Maharashtra State Electricity Transmission Company Ltd; PFCCL = PFC Consulting Ltd; PGCIL = Power Grid Corporation of India Ltd; RECPDCL = REC Power Development & Consultancy Ltd