Asian Energy Services Limited has secured a ₹187.62 crore EPC contract from Gujarat State Electricity Corporation Limited (GSECL) for the enhancement of a coal handling plant at Ukai Thermal Power Station. This project marks the company's first major order outside Coal India and its subsidiaries, signaling a strategic diversification into state utility-led infrastructure projects. The contract, awarded on a lump-sum basis, covers end-to-end engineering, procurement, construction, and commissioning, with execution expected to take place over 2-3 years.

The project involves the capacity enhancement of the Coal Handling Plant (Stage-II) at the Ukai Thermal Power Station in Gujarat. Dr. Kapil Garg, Managing Director of Asian Energy Services Limited, stated that the win expands the company's order book in the mineral infrastructure vertical and adds to revenue visibility for the next two years. He noted that all previous projects were for Coal India and its associates, making this GSECL contract a significant step in acquiring new customers.

Project Details and Strategic Impact

The diversification of the client base is a key milestone for the company. Asian Energy Services Limited is currently engaged in developing several coal handling systems across multiple Coal India subsidiaries, including MCL, ECL, CCL, and SECL, as well as Singareni Collieries Company Limited in Telangana. Most of these projects involve turnkey execution covering design, engineering, supply, construction, erection, commissioning, and in some cases, operations & maintenance.

The following table summarizes the key details of the newly secured contract:

Company Overview

Asian Energy Services Limited (AESL) offers end-to-end services across the upstream value chain, including Integrated Oil & Gas services such as 2D and 3D Seismic Geographical Data Acquisition. It also provides operations and maintenance for onshore and offshore oil and gas production facilities, production enhancement services, and mining services including the supply and installation of Material Handling Plants and Rapid Loading Systems.

Since its acquisition by Oilmax Energy Private Limited (OEPL), AESL has diversified its business verticals to capture more value across the energy and upstream oil and gas value chains. OEPL holds 56.01% of the shareholding in AESL and is engaged in the exploration, development, and production of oil & gas assets, focusing on developing blocks in India with discovered and proven reserves.

Asian Energy Services Limited shareholders have approved the merger with Oilmax Energy Private Limited through a scheme of arrangement. The resolution was passed with 99.99% of valid votes cast, meeting the requisite majority under Section 230(6) of the Companies Act, 2013 and the SEBI Scheme Circular. The approval paves the way for the absorption of Oilmax Energy Private Limited into Asian Energy Services Limited, altering the company's capital structure and operational footprint.

The meeting was held on June 12, 2026, via video conferencing and other audio-visual means as directed by the National Company Law Tribunal (NCLT), Mumbai Bench. Mr. Mukesh Mittal, IRS (Retd.), chaired the meeting, while Mr. Ketan Dand, Practicing Company Secretary, served as the Scrutinizer to ensure the e-voting process was conducted fairly. The voting results and the Scrutinizer's Report were communicated to the stock exchanges within the stipulated time.

Key Merger Details

The merger terms outline the exchange of equity shares between the two entities. The following table summarizes the key financial parameters of the scheme:

Voting Results

The resolution to approve the Scheme of Merger by Absorption of Oilmax Energy Private Limited with Asian Energy Services Limited was passed under Sections 230 to 232 read with Section 66 of the Companies Act. A total of 143 shareholders participated in the voting process, which included remote e-voting and e-voting during the meeting.

The notice for the meeting was dispatched to shareholders as of the cut-off date of May 1, 2026, via electronic mode and speed post. It was also published in 'Business Standard' and 'Navshakti' newspapers. Senior management and governance officials, including Dr. Kapil Garg, Managing Director, and Mr. Nirav Talati, Chief Financial Officer, attended the meeting.