Who this roadmap fits
The sequence below is for a solar, wind or hybrid developer bidding in central or state tenders. Two other investor types take a different path:
- C&I open-access supplier: contracts directly with commercial and industrial consumers of 100 kW or more instead of bidding (see regulators).
- Equipment plant: follows the ALMM, BIS and state-incentive steps rather than the tender, PPA and grid steps.
Nine steps to commercial operation
- Set up the Indian project company. Incorporate the platform and the project SPVs. FDI is 100% automatic for renewable generation; land-border beneficial ownership above 10% needs government approval. Authorities: DPIIT (FDI rules); RBI (FEMA reporting).
- Track central and state tenders. Central agencies issue 50 GW of renewable bids a year to FY2027-28 under standard bidding guidelines for solar, wind, hybrid and FDRE projects; states tender separately. Authorities: SECI, NTPC, NHPC, SJVN; state utilities.
- Win the bid and sign the PPA. After the letter of award, the PPA is signed once the agency has a power sale agreement with a buying utility. Unsigned PSAs reached 42 GW in late 2025, and awards for unviable projects can be cancelled. Authority: renewable energy implementing agency.
- Secure land. Use a solar park, where land and transmission are provided, or apply for state government land through the state nodal agency; Rajasthan allots government land to RE developers under its land rules. Authorities: solar park agency; state nodal agency.
- Obtain connectivity and GNA. Apply for connectivity and General Network Access to the inter-state grid under CERC’s GNA Regulations (amended 2025). Where lines lag, temporary GNA carries curtailment risk. Authorities: CTUIL; CERC.
- Register with the state. Register the project and obtain in-principle clearance under the state policy to claim electricity duty and stamp duty exemptions and land allotment. Authority: state nodal agency (for example RREC).
- Procure listed equipment. Buy ALMM-listed modules, and cells where List-II applies; use ALMM-Wind turbines and components. Modules, inverters and batteries need BIS registration. Authorities: MNRE (ALMM); BIS.
- Add storage and plan transmission costs. Co-located batteries commissioned by June 2028 get a 12-year ISTS charge waiver. The solar and wind waiver tapers 25% a year to June 2028, so the commissioning date drives transmission cost. Authorities: Ministry of Power; CTUIL.
- Commission and start supply. Commission the plant and start scheduled supply under the PPA. FEMA filings run from the first investment, not from commissioning: shares must be issued within 60 days of receiving funds. Authorities: procurer; load despatch centre; RBI.
Note: No standard timelines apply to the tender, land and grid steps; timing depends on the tender schedule and on land and grid availability.
Before claims are made
State and central support is claimed against registrations made early in the sequence. Before counting on any incentive:
- the project must be registered with the state nodal agency and hold in-principle clearance (step 6) for electricity duty and stamp duty exemptions and land allotment;
- equipment must be on the ALMM list the tender requires and BIS-registered (step 7);
- the ISTS waiver depends on the commissioning date or, for pumped storage, the award date (step 8);
- viability gap funding is paid only to projects selected in tenders (see central incentives).
Choosing the entry vehicle
Most investors use a private limited subsidiary; offices serve narrow aims. A company or LLP is an Indian resident entity. Branch, liaison and project offices are extensions of the foreign parent, opened through an authorised dealer bank under RBI rules.
| Vehicle | What it may do | Approval needed | Suits |
|---|---|---|---|
| Wholly owned subsidiary (private limited company) | Any lawful business within its objects and the FDI policy. At least 2 shareholders (up to 200) and 2 directors, one meeting the 182-day residence test. | None on the automatic route without a land-border owner; else government route. Incorporated with the Registrar through SPICe+. | Operating businesses that want full control and limited liability. |
| Joint venture company | As a subsidiary, with an Indian partner; caps and conditions apply to the total foreign stake. | As for the sector. Land-border investors taking up to 49% in a fast-track sector, where resident Indians keep majority ownership and control, have a 60-day decision target. | Capped sectors, or where a partner brings licences, land or customers. |
| Limited liability partnership (LLP) | Business with partnership-style governance and limited liability; at least 2 designated partners, one resident. LLP agreement filed within 30 days. | Automatic route only in sectors fully open under the automatic route with no FDI-linked performance conditions. | Service businesses in fully open sectors. |
| Branch office | Activities RBI permits for branches, such as export and import, consultancy and research on behalf of the parent. | Authorised dealer bank; parent needs a sound financial track record. RBI approval in specified cases, such as defence or telecom. | Serving Indian clients directly without a subsidiary. |
| Liaison office | Represents the parent in India; may not carry on business. Valid generally for three years. | Authorised dealer bank, with the same track-record test and RBI referral cases as a branch. | Market study and relationship building before committing capital. |
| Project office | Executes a specific contract in India; valid for the tenure of the project. | Authorised dealer bank under RBI’s project office rules. | Contractors delivering a defined Indian project. |
| No entity yet: distributor or employer of record | Sell through an Indian distributor or importer; engage staff through a third-party employer of record. | None for the foreign company itself. | Testing demand; review tax and contract exposure first. |
Sources: Invest India, Doing Business in India 2025-26 and Legal and Regulatory Framework (Dec 2025); RBI Master Direction on branch, liaison and project offices; DPIIT SOP, 4 May 2026.
For an energy developer the usual structure is a platform company with one SPV per project, each a private limited company. A project office suits a foreign contractor delivering a defined Indian project. The generic comparison is on the entry vehicles page.
Incorporating the project company
From decision to first invoice, a foreign-owned private limited subsidiary in an automatic-route sector follows ten steps. Times are shown only where a rule fixes them; state registrations depend on location and activity.
- Prepare and apostille parent documents. Constitutional documents, board resolution and identity papers of foreign subscribers and directors are notarised and apostilled or legalised. Parent company; notary; apostille authority.
- Obtain digital signatures and DINs. A digital signature certificate for at least one proposed director; director identification numbers are applied for within the SPICe+ form. Certifying authority; MCA (SPICe+).
- Reserve the company name. Check the name against existing companies and registered trademarks, then reserve it through RUN or within SPICe+. MCA (RUN or SPICe+).
- File SPICe+ with the MoA, AoA and AGILE. One integrated filing covers incorporation, DINs, PAN and TAN. The linked AGILE form can also obtain GST, EPFO and ESIC registrations. Foreign subscribers attach a signed physical MoA and AoA. MCA Central Registration Centre.
- Receive the certificate of incorporation. The Central Registration Centre scrutinises the documents and may ask for changes. The CIN, PAN and TAN are allotted on incorporation. Registrar of Companies (CRC).
- Open a bank account and bring in capital. Receive share capital through an authorised dealer bank and allot shares within 60 days of receipt, priced at not less than fair value. Within 60 days; authorised dealer bank; board.
- Report the share issue (FC-GPR). File Form FC-GPR for shares issued to the foreign parent that count as FDI. Within 30 days of issue; RBI FIRMS portal.
- Declare commencement of business. Declare receipt of the subscription money and verify the registered office before starting business. Within 180 days; MCA.
- Register for GST and obtain an IEC. If not done through AGILE, apply for GST; low-risk applicants can opt for automated registration within three working days. Importers and exporters also need an Importer-Exporter Code. GST: 3 working days; GST portal; DGFT.
- First board meeting; staff registrations. Appoint the first auditor and open statutory registers. Obtain shops and establishments, professional tax, EPFO and ESIC registrations as applicable. Board; state labour department; EPFO; ESIC.
Sources: Invest India, Doing Business in India 2025-26; RBI FEMA 395 Regulations; RBI Master Direction, Jun 2026; Tribune/ANI and KPMG on GST registration (secondary). The generic version is on the incorporation page.
Check: An equipment importer needs an IEC before the first shipment, and the customs exemptions on the tax and zones page are claimed at import.
What to check next
- Decide whether you are a tender developer, a C&I supplier or an equipment maker; only the first follows all nine steps.
- Screen the ownership chain for land-border beneficial ownership above 10% before incorporating the platform and SPVs.
- Confirm the PSA position before ordering equipment, and the GNA type before fixing a commissioning date.
- Fix the commissioning date against the ISTS waiver taper and the June 2028 storage deadline.
- Diary the FEMA deadlines from the first remittance: shares within 60 days, FC-GPR within 30 days of issue (see the FEMA compliance calendar).