HG Infra Engineering Limited has announced a significant change in its senior management team with the resignation of Dr. Puneet Gupta from his position as Head - New Energy Verticals. The resignation, effective March 25, 2026, represents a departure from the company's renewable energy leadership structure.

Resignation Details

Dr. Puneet Gupta, who held the position of Head - New Energy Verticals and was categorized as Senior Management Personnel, submitted his resignation citing personal reasons. The company disclosed that his decision stems from family commitments that require his presence in Singapore.

Regulatory Compliance

The company has fulfilled its disclosure obligations under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The announcement was communicated to both major stock exchanges where the company's shares are listed.

Formal Documentation

The resignation process included comprehensive documentation as required by regulatory standards. Dr. Gupta formally addressed his resignation letter to Mr. Harendra Singh, Chairman and Managing Director, expressing gratitude for the opportunities provided during his tenure. The company secretary, Ankita Mehra, handled the regulatory filings and compliance requirements.

The resignation letter specifically requested relief from duties effective March 25, 2026, after the close of business hours. Dr. Gupta acknowledged the company's support during his tenure while citing the necessity of relocating to Singapore for family reasons as the primary driver for his decision.

H.G. Infra Engineering Limited has successfully completed a strategic investment of Rs. 48.52 crores in its wholly owned subsidiary, marking a significant step into the battery energy storage system sector. The company announced the acquisition of equity shares in H.G. Banaskantha Bess Private Limited through a rights issue subscription on March 23, 2026.

Investment Details

The acquisition involved the purchase of 6,40,200 equity shares at an issue price of Rs. 758 per share, which includes a face value of Rs. 10 per share. The entire transaction was completed through cash consideration, demonstrating the company's strong financial position and commitment to expanding its business portfolio.

Subsidiary Profile

H.G. Banaskantha Bess Private Limited was incorporated on December 03, 2024, under the provisions of the Companies Act, 2013, with its registered office in Rajasthan, India. The subsidiary operates in the battery energy storage system industry, representing a strategic diversification for H.G. Infra Engineering.

Strategic Business Expansion

The investment represents H.G. Infra Engineering's strategic move to expand its business operations into the renewable energy storage sector. As the subsidiary was recently incorporated, it currently has nil turnover as of March 31, 2025, indicating this is a greenfield investment aimed at establishing a new business vertical.

Regulatory Compliance

The transaction has been disclosed in compliance with Regulations 30 and 51 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. As H.G. Banaskantha Bess Private Limited is a wholly owned subsidiary, the transaction falls within the ambit of related party transactions. However, except for the shares held by the company in the subsidiary, the promoter, promoter group, and group companies do not have any additional interest in the acquired entity.

The acquisition required no governmental or regulatory approvals and was completed on the announcement date itself. This swift execution demonstrates the company's efficient decision-making process and readiness to capitalize on growth opportunities in the emerging battery storage sector.