Bajel Projects has secured an ultra-mega EPC order worth over ₹700 crore from Maharashtra State Electricity Transmission Company Limited (MSETCL) for establishing a 400/220 kV substation at Saswad, Pune. This represents the largest single order won by the company in its power transmission business segment.

Project Specifications

The comprehensive EPC contract encompasses the complete turnkey execution of critical power transmission infrastructure. The project details include:

Scope of Work

The project involves establishing a greenfield 2x500 MVA, 400/220 kV Air Insulated Switchgear (AIS) substation at Saswad, complete with a 1x125 MVAr Bus Reactor at the 400 kV level. The substation design includes future expansion provisions to accommodate Maharashtra's long-term power demand growth.

The comprehensive scope covers design, supply, erection, testing and commissioning of the substation along with associated transmission lines. Additionally, the project includes bay additions at existing and proposed substations, plus construction of multiple new 400 kV and 220 kV transmission lines with LILO configurations to integrate the Saswad substation into Maharashtra's transmission grid.

Strategic Impact

The Saswad substation will serve as a critical node in Maharashtra's high-voltage transmission network, significantly enhancing power evacuation capacity for the rapidly industrializing Pune region. The infrastructure development will strengthen grid reliability across the state and support growing industrial and urban power demand.

Management Commentary

Commenting on the contract win, Rajesh Ganesh, Managing Director & CEO of Bajel Projects Limited, stated: "Securing this ₹700 crore+ ultra-mega order from MSETCL is a milestone for Bajel Projects and a strong validation of our EPC capabilities in the high-voltage substation segment. This order reinforces our RAASTA 2030 strategy of expanding into high-value, high-complexity projects and deepens our partnership with one of India's most important state transmission utilities."

The order will be executed through MSETCL's Special Purpose Vehicle, Saswad Transmission Limited, with no related party transactions or promoter group interests involved in the contract award.

Bajel Projects Limited has announced a strategic collaboration agreement with the National Investment and Infrastructure Fund (NIIF) and AnantGrid Private Limited for power transmission sector opportunities in India. The partnership was formalized through official documentation filed under Regulation 30 of SEBI listing regulations.

Strategic Partnership Framework

The collaboration establishes a structured approach to capitalize on India's expanding power transmission requirements. The partnership combines complementary expertise across investment management, project development, and engineering execution to deliver comprehensive transmission solutions.

Role Distribution and Capabilities

Each partner brings distinct strengths to support the collaboration's objectives in India's power transmission sector:

Leadership Vision and Market Opportunity

Rajesh Ganesh, MD & CEO of Bajel Projects Limited, emphasized the strategic importance: "The purpose of this collaboration is to contribute to the significant power transmission growth opportunity in India. We intend to leverage Bajel's EPC expertise, NIIF's investment management capabilities and AnantGrid's project management acumen to deliver high-quality, timely and cost-efficient power transmission projects."

Bimal Dayal, CEO of AnantGrid, highlighted the sector's critical role: "AnantGrid views power transmission as central to India's growth. As the country accelerates its energy transition, significant capex will be required to meet rising electricity demand. Our partnership with Bajel strengthens this commitment, enabling us to jointly bid and deliver projects of mutual interest."

Financial Strength and Market Position

The partnership leverages substantial financial resources and proven execution capabilities. NIIF manages over USD 5.00 billion in equity capital commitments across multiple investment strategies, positioning it as India's largest domestic infrastructure fund. Bajel Projects contributes two decades of experience in power infrastructure development as part of the Bajaj Group, with established relationships across state, national and international utilities.

Strategic Focus Areas

The collaboration targets key growth drivers in India's power sector:

The agreement covers joint identification, evaluation and bidding for selected power transmission projects across India, with parties deploying funds based on individual project requirements to support the country's energy transition goals.