PFC arm incorporates SPV to develop Kushtagi Transmission project

New Delhi: State-owned Power Finance Corporation Limited (PFC) on Monday said its arm PFC Consulting has incorporated a special purpose vehicle (SPV) company, Kushtagi Transmission Ltd.

Kushtagi Transmission will develop a transmission system for 765kV in Koppal district, Karnataka.

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According to an exchange filing, PFC Consulting has been nominated as the 'Bid Process Coordinator' (BPC) for selection of a developer through tariff-based competitive bidding for the Independent Transmission Projects (ITPs) by the Power Ministry.

As per the provisions of tariff-based competitive bidding guidelines issued by the ministry, the BPC has to prepare the project profile and initiate the process of land acquisition and forest clearance, if required.

For these activities, one special purpose vehicle (SPV) is required to be incorporated, which will take up various preparatory activities of the transmission project like survey and preparation of report, initialisation of the process of acquisition of land and also initiate the process of seeking forest clearance, if required.

The SPV has to be transferred to the successful bidder selected through an international competitive bidding process under tariff-based competitive bidding guidelines.

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The State Empowered Committee on Transmission in its 7th meeting held on August 29, 2025, has ratified the action of Karnataka Power Transmission Corporation Ltd (KPTCL) inter alia nominating PFC Consulting Ltd (PFCCL) as bid process coordinator for development of the mentioned Transmission system through Tariff Based Competitive Bidding Process (TBCB).

Accordingly, it stated that the SPV has been incorporated as a wholly-owned subsidiary of the PFCCL to develop the transmission project.

This SPV will be transferred to the successful bidder after the completion of the bidding process.

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