
State-owned Power Finance Corporation announced that its subsidiary PFC Consulting has incorporated a special purpose vehicle (SPV) company, Kushtagi Transmission Ltd. According to the latest exchange filing dated July 27, 2026, the SPV has been established as a wholly-owned subsidiary of PFC Consulting Ltd (PFCCL) to develop the transmission project. The SPV will be transferred to the successful bidder after completion of the bidding process, as reported by PTI. As per the provisions of tariff-based competitive bidding guidelines issued by the ministry, the SPV is required to 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.
Kushtagi Transmission Ltd will develop a transmission system for 765kV in Koppal district, Karnataka. As reported by PTI, 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. The BPC is responsible for preparing the project profile and initiating land acquisition and forest clearance processes, if required. The SPV serves as the operational arm for the initial phases of the transmission project, ensuring efficient pre-bidding preparations and taking up various preparatory activities 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 State Empowered Committee on Transmission in its 7th meeting held on August 29, 2025, ratified the action of Karnataka Power Transmission Corporation Ltd (KPTCL). According to PTI, the committee inter alia nominated PFC Consulting Ltd (PFCCL) as bid process coordinator for development of the transmission system through Tariff Based Competitive Bidding Process (TBCB). The committee stated that the SPV has been incorporated as a wholly-owned subsidiary of the PFCCL to develop the transmission project. Additionally, the Energy Department conveyed its approval via Government Order No. Energy 73 PPT 2024, issued from Bengaluru on October 18, 2025, validating the procedural framework for developing the transmission system through TBCB guidelines. These approvals ensure streamlined execution of pre-bidding activities and minimize delays associated with land acquisition and regulatory clearances.
The formation of Kushtagi Transmission Limited highlights PFC's strong positioning as a key facilitator in India's power transmission infrastructure. By utilizing wholly-owned SPV structures under PFC Consulting, PFC ensures the streamlined execution of mega-transmission projects, backed by its massive standalone net worth exceeding ₹1 lakh crore. The company reported a consolidated net profit of ₹25,900.95 crore for FY26, showing a growth of 12.65% YoY from ₹22,990.81 crore in FY25. The addition of structured bidding processes under PFC's umbrella reinforces its leadership in power infrastructure financing, with the company continuing to utilize the SPV route to facilitate infrastructure bidding and enhance institutional reach. The standalone net worth reached ₹1,02,532 crore as of March 31, 2026, representing a 13% increase from March 31, 2025.