Maharashtra Unveils Blockchain-Backed Tokenization Framework for Electricity Transmission Networks
India is taking steps towards tokenization of its corporate bond market and infrastructure assets. The state of Maharashtra has developed a framework to tokenize government infrastructure, focusing on electricity transmission networks.
The token sale proceeds would finance new transmission capacity and solar energy storage facilities. Praveen Pardeshi, who leads MITRA, the state's policy development agency, revealed the initiative during a private gathering organized by Mumbai-based tokenization platform RealX.
Pardeshi explained that converting portions of these assets into digital tokens could address infrastructure bottlenecks, particularly in excess solar electricity generation. Under the proposed model, between 40% and 50% of transmission infrastructure would be converted into tradable tokens, earning proportional returns for investors.
The initiative runs parallel to legislative developments. Chief Minister Devendra Fadnavis instructed government officials to prepare the Maharashtra Digitisation and Exchange of Land Token Assets Act (DELTA Act), establishing blockchain property tokenization legislation. On the federal level, the Securities and Exchange Board of India introduced a tokenized corporate debt pilot program through its Demat 2.0 infrastructure.
The pilot facilitated bond issuances totaling 10.25 billion rupees ($107 million) across three corporations. State-owned financial institution REC secured 5 billion rupees from 18 institutional investors, while infrastructure conglomerate Larsen and Toubro obtained an identical 5 billion rupees from four investors. Financial services provider IIFL raised 250 million rupees from a single investor.