Maharashtra Plans to Tokenize 40-50% of Power Grid Assets in Bitcoin (BTC)-Linked RWA Push

Maharashtra’s Power Grid Tokenization Plan

Maharashtra, India’s wealthiest state, is drafting a policy to bring state-owned assets onto the blockchain, with electricity transmission infrastructure at the center of the plan. Praveen Pardeshi, chief executive of MITRA (Maharashtra Institution for Transformation) — a policy body under the state government — and chief economic advisor to the chief minister, laid out the proposal in a keynote at “The Box Launch” on Friday, an invite-only event hosted by real estate tokenization firm RealX and MST Blockchain at Mumbai’s World Trade Center. Under the plan, roughly 40% to 50% of the state’s transmission lines would be tokenized, meaning ownership claims are recorded on a blockchain — a model first popularized by smart-asset chains such as NEM (XEM). Token holders would receive part of the fee income Maharashtra Transco earns for carrying power across the grid, while the state channels the newly raised capital into new transmission lines, expanded solar generation, energy storage facilities and additional grid capacity. Pardeshi framed the move as a fix for locked-up capital: transmission lines earn steady usage-fee income, but the money spent building them stays frozen and cannot be redeployed. The state, he noted, already generates a large solar surplus yet lacks the grid capacity to move it where and when it is needed. He illustrated the inefficiency with a stark pricing gap — distribution companies pay 16 to 18 rupees per unit to secure power at peak demand, against just 2 paisa on the power exchange during surplus hours. Better transmission and storage, funded partly through tokenized capital, could narrow that spread. Real estate is also under review: Pardeshi cited Express Towers, a Mumbai commercial building sold by its original owner and later tokenized under a REIT structure, calling it a “happy, happy solution” for both the seller and the investors who now share its rental income.

DELTA Act and the Broader RWA Push

The tokenization blueprint runs alongside dedicated legislation. Chief Minister Devendra Fadnavis in July directed officials to draft the 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. The bill remains at the drafting stage and has not been enacted, so investors should treat any timeline as unconfirmed. At Friday’s event, RealX and MST Blockchain separately introduced “REDbox” and “WHITEbox,” localized ecosystems designed to streamline India’s real-world asset (RWA) tokenization standards, while institutional-grade custody provider Liminal Custody served as primary partner, supplying the underlying wallet and storage framework. Maharashtra, home to roughly 130 million people and about 14% of India’s nominal GDP, is betting that tokenized state assets — connected to off-chain registries through what functions as a bridge protocol and deployable on general-purpose chains such as NEAR Protocol or private permissioned ledgers — can broaden participation in infrastructure financing. Pardeshi rejected the privatization label outright. “Tokenization doesn’t mean privatization wholesale; it means circulating the capital to larger number of holders,” he said, describing the state’s aim as letting more citizens share in public asset creation rather than selling off the “family silver.”

Chief Minister Devendra Fadnavis’s July directive instructing officials to draft the DELTA Act Readers tracking the market in real time can follow live spot and futures prices on Binance.

A $38 Billion RWA Benchmark

For COINOTAG, the significance lies in where this sits on the tokenization curve: RWA.xyz data puts the tokenized asset market at roughly $38 billion, still concentrated in U.S. Treasury bonds and private credit, so a state of Maharashtra’s scale moving into income-producing public infrastructure would mark a structural step beyond bonds. The primary record to watch is the DELTA Act itself — the Fadnavis directive confirms intent, but only enactment would give Maharashtra statutory backing for property tokenization, a precedent with parallels to ventures like World Liberty Financial pushing tokenized rails into the mainstream.