Power Finance Corporation (PFC) said its arm PFC Consulting (PFCCL) has incorporated one special purpose vehicle (SPV), Kushtagi Transmission Ltd, to develop a transmission system for 765 kilovolt (kV) in Koppal district in Karnataka. The formation of the SPV follows PFCCL's nomination as the bid process coordinator (BPC) for the selection of a developer through tariff-based competitive bidding for Independent Transmission Projects (ITPs) administered by the Power Ministry. The company will be responsible for early-stage project establishment and coordination with state agencies. The BPC role requires preparation of the project profile and initiation of land acquisition and of forest clearance procedures where necessary under the ministry guidelines. As BPC, PFCCL will prepare documentation, mobilise surveys, engage with stakeholders and oversee initial regulatory filings to ensure the project is bid ready. Those activities are intended to reduce execution risk for bidders and to ensure compliance with tariff-based competitive bidding (TBCB) norms. Under the TBCB provisions one SPV is required to carry out preparatory activities and to be the entity transferred to the successful bidder after completion of the bidding process. Kushtagi Transmission Ltd will undertake survey work, preparation of technical and environmental reports, initialisation of the process of acquisition of land and initiation of forest clearance applications if required. The SPV will coordinate clearances and liaise with Koppal district authorities and other relevant agencies during the pre-bid phase. The State Empowered Committee on Transmission in its seventh meeting on 29 August 2025 ratified the nomination of PFCCL as BPC for development of the transmission system and the decision to incorporate the SPV as a wholly owned subsidiary of PFCCL. The SPV will remain a PFCCL subsidiary during preparatory work and will be transferred to the successful international bidder selected through the TBCB process. This arrangement is designed to streamline the handover and to provide a structured project entity for the competitive procurement process.