Maharashtra plans FY28 IPO for state power transmission firm MSETCL; approval likely soon

New Delhi: A proposal to list Maharashtra State Electricity Transmission Company (MSETCL) has been submitted to the state government, with an initial public offering (IPO) targeted for FY28, a senior state official said.

Abha Shukla, additional chief secretary of the state's energy department, told ET that approval for the proposed share sale could come in two months.

The transmission company has already picked six banks for its plan to list.


MSETCL is looking to participate in tariff-based competitive bidding projects in the state and needs to raise funds for this, Shukla said. The company is targeting ₹7,000-8,000 crore through the share sale.

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In 2024, the Centre had advised states to consider listing power-sector entities, beginning with transmission companies, to meet their investment needs. Maharashtra has acted on this advice and plans to list its distribution company (discom) in the current financial year.

Shukla said the transmission company could list on the bourses after around six months of the listing of the state discom.

Maharashtra State Electricity Distribution Company Ltd. will file for its IPO in the first week of December, according to its chairman and managing director, Lokesh Chandra. The company expects to raise more than ₹10,000 crore through the listing, Chandra told ET separately. If the discom's IPO comes in February, it will be the first ever in state power utilities. States such as Gujarat and Bihar are also looking to list some of their power utilities soon.

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Maharashtra's transmission company, also known as Mahatransco, is primarily engaged in intra-state electricity transmission, planning and coordination, load dispatch, and facilitating open access to its transmission network.

The company owns, operates and maintains 52,807 circuit kilometres of transmission lines and 760 extra-high-voltage substations across Maharashtra, making it one of the largest state transmission utilities in India.

Recently, the Centre also launched phase three of the Green Energy Corridor, aimed at strengthening intra-state transmission networks, with an outlay of ₹54,082 crore.

States are aiming for expansion and upgradation of their transmission lines given the rising demand for power in the next decade.