CoinDesk
Maharashtra, India's wealthiest state and home to roughly 130 million people, is drafting a policy that could put up to half of its electricity transmission infrastructure on blockchain. The state's MITRA policy body, led by CEO Praveen Pardeshi, envisions selling tokenized shares of transmission assets to investors, who would receive a slice of the fee income Maharashtra Transco earns from carrying power across the grid while the state raises fresh capital for new transmission lines and solar energy storage.
Why it matters
Maharashtra contributes about 14% of India's nominal GDP, and the transmission grid sits at the heart of a structural bottleneck: the state generates large solar surpluses but lacks the grid capacity to move that power to where and when demand peaks. Pardeshi said distribution companies currently pay 16 to 18 rupees per unit at peak demand, while surplus hours on the power exchange clear at roughly 2 paisa per unit. Tokenizing even 40% to 50% of the existing transmission assets could close part of that gap by funding new lines and storage.
The proposal is paired with the draft Maharashtra Digitisation and Exchange of Land Token Assets Act, or DELTA Act, which would make Maharashtra the first Indian state with a dedicated law governing blockchain-based property tokenization. Chief Minister Devendra Fadnavis directed officials to draft the legislation in July.
Market impact
The plan lands inside a much larger tokenization push. The global RWA market is roughly $38 billion today, dominated by US Treasuries and private credit; real-world infrastructure has barely registered. At the "The Box Launch" event in Mumbai, real estate tokenization firm RealX and MST Blockchain unveiled REDbox and WHITEbox, localized RWA ecosystems built with institutional custody provider Liminal Custody as primary partner.
Pardeshi pushed back on the read that tokenization equals privatization. "Tokenization doesn't mean privatization wholesale; it means circulating the capital to larger number of holders," he said, framing the plan as broadening participation in public infrastructure while the state retains control of the underlying assets.
Frequently asked questions
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What is Maharashtra proposing to tokenize?
Up to 40-50% of the state's electricity transmission infrastructure, allowing investors to earn a share of the grid's fee income while funding new power lines and storage, per MITRA CEO Praveen Pardeshi.
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Why is grid capacity a problem for Maharashtra?
The state generates large solar surpluses but cannot move that power to where and when peak demand hits. Discoms pay 16-18 rupees per unit at peak versus roughly 2 paisa on the power exchange during surplus hours.
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What is the DELTA Act?
The Maharashtra Digitisation and Exchange of Land Token Assets Act, a draft law that would make Maharashtra the first Indian state with dedicated legislation governing blockchain-based property tokenization. CM Fadnavis directed officials to draft it in July.
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How does the state distinguish tokenization from privatization?
MITRA CEO Praveen Pardeshi rejected the privatization framing, saying tokenization "doesn't mean privatization wholesale; it means circulating the capital to larger number of holders." The state retains control of the underlying assets.
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Who are the partners in the broader Maharashtra tokenization push?
At the launch event, real estate tokenization firm RealX and MST Blockchain unveiled REDbox and WHITEbox ecosystems, with institutional custody provider Liminal Custody as primary partner.
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