Maharashtra is preparing policies that could allow up to 50% of selected electricity transmission assets to be tokenized, with the proceeds used to build new power lines and solar energy storage facilities.
Under the proposal, investors could receive a share of revenue generated by Maharashtra State Electricity Transmission Company, commonly known as Maharashtra Transco, without taking control of the infrastructure.
Praveen Pardeshi, chief economic adviser to Maharashtra Chief Minister Devendra Fadnavis and CEO of the Maharashtra Institution for Transformation, outlined the plan at The Box Launch, an invitation-only event at the World Trade Center in Mumbai.
The event was hosted by real estate tokenization company RealX and MST Blockchain. Pardeshi said digital tokens could help Maharashtra raise funds against income-producing public assets while retaining ownership of them.
One possible structure would involve tokenizing 40% to 50% of a transmission line. The capital raised could then finance further transmission capacity or storage centres capable of holding solar electricity until demand increases.
The approach would give investors an interest in revenue from part of a public asset rather than ownership of the entire physical infrastructure. Pardeshi presented tokenization as a way to widen participation in public infrastructure financing and rejected the suggestion that the model would automatically amount to privatization.
However, Maharashtra has not yet announced which assets could be included, how revenue would be distributed, who could buy the tokens, which blockchain would record ownership, or the size and timing of any sale.
Solar surplus exposes grid constraints
Pardeshi said the proposal was partly driven by a mismatch between Maharashtra’s solar generation and its transmission capacity. At certain times, the state produces more solar power than the grid can deliver to areas where it is needed.
When supply exceeds demand, electricity can trade for as little as two paise per unit on the power exchange. During peak periods, distribution companies may instead pay between 16 rupees and 18 rupees per unit.
New transmission lines could move electricity from generation sites to consumption centres, while storage facilities could retain daytime solar power for later use. Any tokenization proceeds would be directed towards both types of projects under the model presented.
The liquidity of such assets would also be important. As crypto.news reported in September, tokenized real-world assets were valued at $34.6 billion, but only $3.79 billion was being used within protocols, leaving about 89% of the issued value inactive.
Falcon Finance chief RWA officer Artem Tolkachev said low use should be judged against an asset’s purpose: a token intended mainly to distribute yield may not need frequent trading, unlike one designed to act as collateral.
Proposed DELTA Act
Maharashtra is also drafting the Maharashtra Digital and Land Token Asset Trading Act, known as the DELTA Act. If passed, it would reportedly make Maharashtra the first Indian state with legislation specifically covering blockchain-based property tokenization.
Pardeshi cited Mumbai’s Express Towers as an example, saying the building had been tokenized through a real estate investment trust structure that divided an interest in the property into smaller investment units.
A June 2026 explainer described tokenization as representing rights to an off-chain asset through blockchain-recorded tokens. Those rights can involve ownership, income, debt or another contractual claim.
The legal framework will determine whether tokens linked to Maharashtra Transco revenue provide enforceable rights. Blockchain records alone would not establish those protections.
For American investors, access would depend on the final terms and applicable US securities rules. No plan has been announced to market the tokens in the United States or list them on U.S.-registered platforms.
Recent disputes over tokenized stocks, including a disagreement between Robinhood and AMC Entertainment, have highlighted questions about whether buyers receive the same rights as shareholders. The Robinhood products were offered through an offshore unit and unavailable to U.S. users, while AMC CEO Adam Aron objected to an AMC-linked product created without the company’s approval.
