Maharashtra plans infrastructure tokenization as India pilots $107M digital bond platform
What's the deal? Maharashtra is building a framework to tokenize its public infrastructure on blockchain networks, starting with the state's electricity transmission grid. Praveen Pardeshi, who leads state policy agency MITRA, unveiled the plan at a private event hosted by Mumbai-based tokenization platform RealXDealroom has a profile for this one. Try Dealroom →.
How it would work: Under the proposed model, 40% to 50% of transmission infrastructure would be converted into tradable tokens. Investors would earn proportional returns from the revenue these assets generate, and proceeds would fund new transmission capacity and solar battery storage.
Why now? Maharashtra produces surplus solar power but lacks the transmission capacity to move it where it is needed. The pricing gap is stark: distribution companies buy peak power at 16 to 18 rupees per unit, while surplus energy trades at just 2 paisa per unit on the exchange.
Pardeshi framed the effort as distinct from selling off state assets. "Tokenization doesn't mean privatization wholesale; it means circulating the capital to a larger number of holders," he said. He cited Express TowersDealroom has a profile for this one. Try Dealroom →, a Mumbai commercial property tokenized through a real estate investment trust, as proof the model works.
The bigger context: The state initiative runs alongside a federal push. This week, the Securities and Exchange Board of India launched a tokenized corporate debt pilot through its Demat 2.0 platform, which settles payments using the Reserve Bank of India's wholesale digital rupee.
The pilot raised 10.25 billion rupees, roughly $107 million, across three issuers. State-owned RECDealroom has a profile for this one. Try Dealroom → and infrastructure group Larsen and ToubroDealroom has a profile for this one. Try Dealroom → each raised 5 billion rupees, with financial firm IIFLDealroom has a profile for this one. Try Dealroom → contributing the remainder.
What's next? Legislation is also in motion. In July, Chief Minister Devendra Fadnavis directed officials to draft the Maharashtra Digitisation and Exchange of Land Token Assets Act, or DELTA Act, which would make the state India's first with dedicated blockchain property tokenization law. The bill remains under development.
The signal: India is testing tokenization from two directions at once — a regulator digitizing corporate bonds and a state moving to unlock capital trapped in public infrastructure. Together they mark an early bid to make blockchain a practical tool for financing, not just a speculative asset.
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Image credit: Generated with Gemini
