India’s Maharashtra state has begun preparing policies to tokenize up to 50% of selected electricity transmission assets to finance new power lines and solar energy storage facilities.
Maharashtra considers tokens tied to power revenue
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 held at the World Trade Center in Mumbai.
Real estate tokenization company RealX and MST Blockchain hosted the event, where Pardeshi described how Maharashtra could use digital tokens to raise money against revenue-producing state assets without selling the assets outright.
Under one possible structure, the state could tokenize 40% to 50% of an electricity transmission line. Investors who purchase the tokens would then receive a share of the income earned by Maharashtra State Electricity Transmission Company, commonly known as Maharashtra Transco.
Pardeshi said Maharashtra could direct the capital raised through token sales toward additional transmission lines. Funding could also support storage centers designed to hold solar power until electricity demand rises.
Rather than transferring full control of the infrastructure to private owners, the proposed model would allow investors to take part in the income generated by a defined portion of a public asset. Pardeshi described tokenization as a financing tool that could open public infrastructure development to more citizens.
Detailed terms have not been disclosed, including which transmission assets could enter the program, how token holders would receive revenue, who could invest, or which blockchain network would record ownership. The state has also not announced the size or timing of a possible token sale.
Limited grid capacity leaves solar power unused
Maharashtra’s interest in new financing stems partly from a mismatch between its solar power output and transmission capacity, according to Pardeshi.
The state produces more solar electricity than it can use during certain periods, yet its grid cannot always move the power to areas where demand exists. Without enough transmission lines and storage, low-cost electricity generated during surplus hours may not be available when consumption reaches its daily peak.
Pardeshi said electricity can be traded for as little as two paise per unit on the power exchange when supply exceeds demand. During peak hours, however, distribution companies may have to purchase power at rates ranging from 16 rupees to 18 rupees per unit.
Energy storage facilities could hold part of the daytime solar surplus and release it later, while new lines could carry electricity from generation sites to consumption centers. Maharashtra plans to use proceeds from any infrastructure tokenization program for both types of projects, based on the model presented at the event.
Token holders would rely on the revenue rights and legal protections attached to each asset rather than owning the entire physical transmission line. The final structure would therefore need to define how income is calculated, distributed, and recorded, as well as what rights investors would have if revenue falls below expectations.
Liquidity would present another consideration for any tradable version of the tokens. As crypto.news reported in September, the value of tokenized real-world assets had reached $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 in the report that low utilization should be assessed against an asset’s intended use. A token designed primarily to distribute yield may still serve its purpose without frequent trading, while an asset created for use as collateral would face a different test.
DELTA Act would set rules for property tokenization
Alongside its power infrastructure proposal, Maharashtra is drafting the Maharashtra Digital and Land Token Asset Trading Act, known as the DELTA Act.
If enacted, the proposed law would make Maharashtra the first Indian state to adopt legislation specifically covering blockchain-based property tokenization, according to details presented at The Box Launch. The available information does not provide a legislative timetable or state whether a draft has reached the Maharashtra legislature.
Pardeshi used Mumbai’s Express Towers commercial building to explain how property tokenization could operate. The building was tokenized through a real estate investment trust structure, dividing an interest in the property into smaller investment units.
A June 2026 explainer described real-world asset tokenization as the process of representing rights to an off-chain asset through tokens recorded on a blockchain. Depending on the legal structure, a token may represent ownership, income rights, debt, or another contractual claim.
In Maharashtra’s proposed infrastructure model, the legal connection between a token and Maharashtra Transco’s revenue would be central. Blockchain records alone would not determine whether investors hold enforceable claims; those rights would depend on the state’s legislation, offering documents and contractual framework.
Pardeshi also rejected the idea that tokenizing a portion of a government asset automatically amounts to privatization. Under the model he presented, the state would continue creating and operating public infrastructure while token buyers would participate financially in the asset’s revenue.
U.S. rules show why token rights matter
For American investors, any access to Maharashtra-linked tokens would depend on the eventual offering terms and applicable U.S. securities rules. No plan has been announced to market the proposed tokens in the United States or make them available through U.S.-registered platforms.
Recent disputes involving stock tokens show why the legal rights attached to a digital asset matter. Robinhood’s conflict with AMC Entertainment raised questions over third-party tokens linked to publicly traded shares, including whether buyers receive the same rights as shareholders in the underlying company.
Robinhood’s tokenized stock products cited in the September report were offered through an offshore unit and were unavailable to U.S. users. AMC CEO Adam Aron objected to an AMC-linked product created without the company’s approval, while Robinhood said the tokens followed the value of the underlying shares through a custodial structure.
Maharashtra’s proposal differs in form because the state is considering a direct financing arrangement tied to public infrastructure revenue. Pardeshi’s presentation indicates that Maharashtra would establish the model through state policy and the proposed DELTA Act, though the final investor protections, eligibility requirements, trading rules and revenue-distribution process remain subject to the legislation and any later offering documents.
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