BF Utilities is fundamentally a holding company that channels the Kalyani Group’s industrial cash flows into long-gestation infrastructure assets, starting with a small captive wind farm and growing into a controlling stake in one of Karnataka’s largest private road-and-township corridors. Incorporated in 2000 and listed in India, the company began by generating electricity from wind turbines in the Satara district of Maharashtra and later expanded through subsidiaries into the Bangalore-Mysore Infrastructure Corridor project. The recurring approach is to secure a single, stable customer or a government concession, then use that predictable cash flow to underwrite the next, larger asset - a pattern that runs from the wind business to the toll road and the township. # Business segments Two engines at different stages - a small captive wind farm that sells every unit to a single industrial buyer, and a large infrastructure platform that collects tolls and develops land along a state-granted corridor - each built on a long-term, single-counterparty contract. ## 1. Infrastructure corridor: a toll-and-township concession on the Bangalore-Mysore highway **The group controls a Build-Own-Operate-Transfer concession that combines toll collection on a completed highway with the right to develop and sell township land along the corridor, all under a single Framework Agreement with the Government of Karnataka.** - **Toll road built on a 26-to-40-year right** - the road assets are created under a BOOT model and treated as an intangible, because the infrastructure will be handed back to the government at the end of the concession; the cost includes land acquisition, bridges, culverts, toll plazas and utilities, and is amortised over 26 to 40 years from the date of initial financial closure. - **Paid per vehicle crossing** - toll revenue is recognised on actual collection as each vehicle passes through the plaza, giving the business a direct, volume-linked income stream with no inventory or working-capital cycle. - **Township land as a second, longer-cycle product** - the same Framework Agreement allows the subsidiary NECE to develop and sell land along the corridor; the operating cycle for township development is identified as five years from land registration and regulatory approval, and land stock is held at the lower of cost or net realisable value. - **One concession ended, another continues** - the toll operations of Nandi Highway Developers Limited, a separate subsidiary, concluded on 7 September 2024 when its concession term expired; the larger BMIC project under NECE remains active. ## 2. Wind power: a captive generator selling to a single industrial customer **The company owns wind turbines across five sites in Satara district, Maharashtra, and sells virtually all the electricity it generates to Bharat Forge Limited under a single-buyer arrangement, supplemented by the sale of carbon and renewable-energy certificates.** - **Five sites, one buyer** - the turbines are located at Padekarwadi, Ghatewadi, Pawangaon, Maloshi and Kadve Khurd, all in Satara District, and the power is wheeled into the Maharashtra State Electricity Board grid for consumption by Bharat Forge’s plants in the state. - **Output follows the wind** - generation is seasonal, so quarterly results do not indicate a full-year trend; in FY25 the company produced 20.98 million net units, down from 23.96 million units in FY24. - **Certificates as a by-product** - the wind projects are registered under the UN’s Clean Development Mechanism, and the company holds Certified Emission Reduction units and Renewable Energy Certificates as inventory, valued at the lower of cost or net realisable value on a FIFO basis; income from their sale is recognised only when the sale actually occurs. # Group structure and partners **BF Utilities is a lean holding company - just seven employees - that controls a web of subsidiaries holding the infrastructure concession, while a long-running shareholder dispute with a foreign investor hangs over the largest of those subsidiaries.** - An investor, AIRRO Mauritius Holdings V, subscribed to compulsory convertible preference shares in NECE for roughly Rs. 500 crore in FY11, which were converted into equity in FY17; a Shareholders Agreement from 2010 gives the investor a right to swap up to 12.5% of BF Utilities’ share capital for its NECE stake, provided the promoter group retains at least 51%. - The investor and its transferee have filed an arbitration claim in Singapore, and the company and its promoters deny the claims and have been legally advised that they lack merit. - The company is part of the Pune-based Kalyani Group, whose flagship Bharat Forge Limited executed a separate shareholders’ agreement in February 2026 that imposes a non-compete restriction on BF Utilities with respect to the ferrous casting business in India.