Ceigall India Limited has announced that its Management Committee authorized the execution of a Non-Binding Offer (NBO) for the potential divestiture of two highway subsidiaries. The decision was made during a Management Committee meeting held on March 25, 2026, pursuant to powers conferred by the Board of Directors.

Transaction Details

The Non-Binding Offer was received from an Asset Management Company and pertains to the proposed sale of 100% equity stake in two subsidiaries:

Regulatory Compliance and Process

The company has fulfilled its disclosure obligations under Regulation 30 of SEBI (LODR) Regulations, 2015. The proposed transaction involves multiple conditional requirements that must be satisfied before completion.

Key Conditions for Transaction Completion:

• Completion of comprehensive due diligence process
• Negotiation and execution of definitive agreements
• Receipt of requisite regulatory approvals
• Obtaining statutory clearances
• Securing lender approvals as applicable

Meeting Information

The Management Committee meeting was conducted with specific timing parameters:

Future Disclosures

Ceigall India has indicated that detailed information in accordance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read along with SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/1/3762/2026 dated January 30, 2026, will be submitted once definitive agreements are executed between the parties. These submissions are contingent upon completion of due diligence, legal review, and documentation satisfactory to all parties involved.

The disclosure information is also available on the company's official website at www.ceigall.com for stakeholder reference.

Ceigall India has officially executed power purchase agreements through its wholly owned subsidiaries with Maharashtra State Electricity Distribution Co. Ltd. on March 24, marking a significant expansion into renewable energy operations. The comprehensive solar energy initiative was formalized through regulatory filings and represents a major infrastructure development commitment.

Project Execution and Subsidiary Structure

The power purchase agreements were executed by two wholly owned subsidiaries of Ceigall India Limited under the Mukhyamantri Saur Krushi Vahini Yojana 2.0 framework:

Strategic Vision and Management Commentary

Ramneek Sehgal, Chairman & Managing Director of Ceigall India Limited, emphasized the company's renewable energy transformation strategy. The leadership outlined ambitious plans to establish Ceigall as a scaled renewable platform with capabilities extending beyond traditional EPC services to include long-term asset ownership and operations.

"We are building Ceigall into a scaled renewable platform with the ambition to be among the most credible infrastructure players in India's energy transition," stated Sehgal. The management highlighted the strategic focus on combining execution visibility with long-term annuity-style returns, positioning the company as a credible developer-operator capable of managing large renewable assets over decades.

Project Implementation Framework

The solar photovoltaic power generating stations will be developed under a comprehensive 18-month execution timeline, followed by a 25-year operational commitment. The projects encompass engineering, procurement, construction, operations, and maintenance responsibilities across six districts in Maharashtra.

Financial Impact and Business Transformation

The ₹1,369 crore project portfolio represents a substantial investment in solar infrastructure development, inclusive of GST. This financial commitment demonstrates Ceigall India's capacity to undertake major renewable energy initiatives while transitioning from a traditional infrastructure EPC company to a diversified energy platform with long-term revenue visibility through power purchase agreements.