Krystal Integrated Services Limited has incorporated a Special Purpose Vehicle (SPV) to execute renewable energy projects for government healthcare facilities in Maharashtra. The company announced the formation of Advait Krystal Solar Energy SPV Private Limited on March 18, 2026, marking a strategic expansion into the renewable energy sector.

SPV Incorporation Details

The newly incorporated entity was established under the Companies Act, 2013, with Corporate Identification Number U35105MH2026PTC469579. The SPV was formed jointly with M/s. Advaita Enterprises International Private Limited (formerly known as e-Governance Solution Private Limited) and is registered in Maharashtra.

Investment Structure and Shareholding

Krystal Integrated Services has acquired a 49% shareholding in the SPV through a cash consideration of ₹49,000. The investment involves subscription to 4,900 equity shares of face value ₹10 each. Post-incorporation, the SPV qualifies as an Associate Company of Krystal Integrated Services and will be treated as a related party transaction conducted on an arm's length basis.

Project Background and Business Objectives

The SPV incorporation was necessitated by a project award from the Directorate of Medical Education & Research (DMER), Maharashtra, communicated through a letter dated January 16, 2026. The project involves execution of rooftop solar installations across government hospitals and medical colleges, with the SPV serving as the mandatory concessionaire entity.

The SPV's business scope encompasses:

• Production, generation, transmission, distribution, and supply of solar, wind, and other renewable energy
• Development and operation of renewable energy projects under various models including Build, Own, Operate, Maintain, and Transfer (BOOT)
• Comprehensive engineering, technical, consultancy, and support services for renewable energy projects
• Energy storage solutions including battery energy storage systems and thermal storage
• End-to-end project management services from concept to commissioning and operation

Regulatory Compliance

The incorporation has been disclosed under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. The Certificate of Incorporation was issued by the Central Registration Centre, Ministry of Corporate Affairs, on March 18, 2026.

The SPV operates in the renewable energy sector, specifically focusing on solar, wind, and other alternative energy industries. As a newly incorporated entity, it has not yet commenced business operations and therefore has no historical turnover data. The company information has been made available on Krystal Integrated Services' website at krystal-group.com.

Krystal Integrated Services Limited has announced a major contract win, securing a ₹364 crore agreement with the Tamil Nadu Medical Services Corporation Limited. The company has formally disclosed this significant business development under Regulation 30 of SEBI Listing Regulations, positioning itself as a key service provider in the healthcare sector.

Contract Overview

The comprehensive agreement spans a three-year period and covers essential facility management services for 167 government healthcare institutions across Tamil Nadu. The Letter of Intent was received on March 12, 2026, with reference number E1442/OUTSOURCING-DMS/TNMSC/ENGG/2026-2 dated March 11, 2026.

Service Scope and Deployment

The contract encompasses critical operational areas essential for healthcare facility management across multiple government medical institutions. Under this mandate, Krystal will provide housekeeping, security, and allied facility management services covering more than 20,000 hospital beds across the North and West zones of the state.

The deployment will span:

• District Hospitals: Comprehensive facility management services
• Medical Colleges: Professional housekeeping and security operations
• Government Healthcare Institutions: Complete operational support
• ESI Institutions: Under Directorate of Medical and Rural Health Services
• Traditional Medicine Facilities: Institutions under the Commissionerate of Indian Medicine and Homeopathy

Management Commentary

Speaking on the development, Mr. Sanjay Dighe, CEO and Director of Krystal Integrated Services Limited, stated: "Securing this large-scale healthcare services mandate from Tamil Nadu Medical Services Corporation Limited is a significant milestone for Krystal Integrated Services Limited. Public healthcare facilities operate in high-demand environments where hygiene, safety, and operational efficiency are essential to patient care."

Regulatory Compliance

Krystal Integrated Services Limited has fulfilled its regulatory obligations by disclosing the contract details to both BSE Limited (Scrip Code: 544149) and National Stock Exchange of India Limited (Scrip Symbol: KRystal). The disclosure confirms that this is a domestic contract with no related party transactions involved, and promoters have no interest in the awarding entity.

Strategic Significance

The contract with Tamil Nadu Medical Services Corporation Limited represents a substantial addition to Krystal Integrated Services' portfolio. The ₹364 crore value underscores the scale and importance of this engagement, reflecting the company's growing presence in the integrated facility management sector. This mandate further strengthens Krystal's presence in the government and healthcare facility management segment, reinforcing its ability to deliver large-scale, manpower-intensive services across critical public infrastructure.