Bajel Projects seeks shareholder nod for ₹1,945 crore related party deals
- Bajel Projects seeks approval for material related party transactions totaling up to ₹1,945 crore
- Deals involve EPC contracts, investments, and guarantees with AnantGrid Projects One Private Limited
- Transactions arise from a collaboration with NIIF for power transmission projects in Gujarat
- Aggregate value exceeds the 10% turnover materiality threshold under SEBI Listing Regulations
- Remote e-voting runs from September 5 to October 4, 2026
*this image is generated using AI for illustrative purposes only.
Bajel Projects has issued a postal ballot notice seeking shareholder approval for material related party transactions with AnantGrid Projects One Private Limited (AGPOPL) and its subsidiary Lakadia A Power Transmission Limited. The proposal covers engineering, procurement, and construction contracts, investments, loans, and guarantees.
The transactions stem from a March 10, 2026 collaboration agreement between Bajel, the National Investment and Infrastructure Fund (NIIF), and AnantGrid Private Limited. Under this framework, Bajel holds a 26% equity stake in AGPOPL, while NIIF and its affiliates hold the remaining 74%. AGPOPL recently secured a Letter of Intent for an inter-state transmission scheme in Gujarat valued at ₹372.637 crore per annum over 35 years.
Transaction Details
The Board of Directors proposes to enhance existing transaction limits to support identified power transmission projects. The aggregate value of these proposed and previous transactions is expected to exceed the materiality threshold defined under Regulation 23 of the SEBI Listing Regulations. Based on Bajel’s FY26 revenue from operations of ₹2,791.58 crore, the applicable materiality threshold is approximately ₹279.16 crore.
The specific components of the related party transactions are detailed below:
| Transaction Type | Proposed Limit | Tenure |
|---|---|---|
| Sale/Supply of Goods & Services | Up to ₹1,535 crore | Up to 4 years |
| Inter-Corporate Deposits | Up to ₹10 crore | Up to 4 years |
| Equity/Structured Investments | Up to ₹100 crore | Up to 4 years |
| Guarantees/Surety Bonds | Up to ₹300 crore | 3 years / Defect liability period |
What the Numbers Show
The scale of the proposed commercial contracts significantly outweighs other financial commitments. The sale and supply of goods and services, capped at ₹1,535 crore, accounts for approximately 79% of the total aggregate exposure of ₹1,945 crore. This concentration highlights that the primary economic substance of the relationship is operational execution rather than pure capital infusion or lending.
Voting Process
Remote e-voting for the ordinary resolution will commence on September 5, 2026, at 9:00 am and conclude on October 4, 2026, at 5:00 pm. Members holding shares as on the cut-off date of August 28, 2026, are eligible to vote. Related parties, including AGPOPL, will abstain from voting as per regulatory requirements. Mr. Nitesh Bhandari, Chief Financial Officer of Bajel, disclosed his position as a Non-Executive Director of AGPOPL.
Historical Stock Returns for Bajel Projects
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -1.01% | -5.51% | +3.65% | +18.38% | -9.74% | 0.0% |
How will the high concentration of ₹1,535 crore in goods and services contracts impact Bajel's revenue recognition timelines and cash flow stability over the next four years?
What are the potential risks to Bajel's balance sheet if the Gujarat inter-state transmission scheme fails to secure final regulatory approvals or faces execution delays?
Given the 26% equity stake, how might fluctuations in AGPOPL's valuation affect Bajel's net worth and earnings per share in future fiscal quarters?
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