Tata Power Company announced that it has received a Letter of Intent from PFC Consulting, a wholly-owned subsidiary of Power Finance Corporation, regarding the acquisition of a project-specific special-purpose vehicle. In a regulatory filing, the company stated that PFC Consulting has expressed its intention to transfer Paradeep Transmission Ltd, a special purpose vehicle (SPV), to Tata Power. The SPV will be developed on a build, own, operate, and transfer basis, with the aim of providing transmission services for 35 years from the scheduled date of commercial operation. Tata Power clarified that the commercial operation date would be effective 24 months from the acquisition of the SPV.

The project involves the construction of a 190 km 765 kV double circuit transmission line, featuring 2 x 1,500 MVA transformers, connecting the existing Angul substation to a new substation at Paradeep, Odisha, along with other related project work.