Power Finance Corporation (PFC) has informed the stock exchanges that its wholly owned subsidiary, PFC Consulting Limited (PFCCL), has incorporated Khushkhera Transmission Limited as a special purpose vehicle (SPV) for the development of a 400 kV Gas Insulated Substation (GSS) at Bhojrajka (Khushkhera), along with its associated transmission system.
The SPV has been established to facilitate the development of the transmission project through the Tariff-Based Competitive Bidding (TBCB) process. PFCCL has been appointed as the Bid Process Coordinator (BPC) by the Government of Rajasthan for the development of the identified intra-state transmission project.
According to PFC’s regulatory filing dated 24 October 2026, the SPV will undertake preparatory activities required for the project, including surveys, report preparation, and initiating land acquisition and forest clearance processes, wherever necessary.
Under the TBCB guidelines issued by the Ministry of Power, the SPV will be transferred to the successful bidder selected through the competitive bidding process. The successful bidder will subsequently be responsible for developing the transmission project.
The Government of Rajasthan appointed PFCCL as the BPC through a notification dated 26 May 2026, published in the Rajasthan Extraordinary Gazette on 2 June 2026. The appointment followed recommendations made by the State Committee on Transmission (SCT) during its 10th meeting on 29 August 2025. The Rajasthan Energy Department conveyed its approval of the committee’s decision on 15 October 2025.
The incorporation of Khushkhera Transmission Limited marks a preparatory step towards the development of the proposed transmission infrastructure in Rajasthan through the prescribed competitive bidding framework.
