New Delhi: Power Finance Corporation (PFC) on Monday said that its wholly owned subsidiary, PFC Consulting Limited (PFCCL), has incorporated a new Special Purpose Vehicle (SPV), Malegaon Power Transmission Limited, for development of a transmission project in Maharashtra.

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According to a regulatory filing dated September 28, 2026, Malegaon Power Transmission Limited has been incorporated as a wholly owned subsidiary of PFCCL, which in turn is a wholly owned subsidiary of PFC.

The SPV has been incorporated for establishment of a 400/220 kV Malegaon (Saundane) substation in Nashik district, Maharashtra.

PFCCL has been nominated as the Bid Process Coordinator (BPC) by the Ministry of Power for selection of a developer through the tariff-based competitive bidding route for Independent Transmission Projects.

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As per the tariff-based competitive bidding guidelines, the BPC is required to prepare the project profile and initiate preparatory activities, including land acquisition and forest clearance, wherever required. The SPV undertakes activities such as surveys, preparation of reports and initiating land acquisition and forest clearance processes.

The SPV is subsequently to be transferred to the successful bidder selected through the competitive bidding process.

The filing said the State Empowered Committee on Transmission, at its 10th meeting held on May 12, 2026, nominated PFCCL as the BPC for development of the transmission system through the tariff-based competitive bidding process. The Government of Maharashtra subsequently conveyed its approval through a government resolution dated July 10, 2026.

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