Tulsyan NEC Limited has successfully secured a significant Power Purchase Agreement (PPA) with Manikaran Power Limited, marking a crucial milestone in the company's power generation operations. The agreement involves supplying 60 MW Round the Clock (RTC) power to Tamil Nadu Power Distribution Corporation Limited (TNPDDL) over a five-year period.

Agreement Details and Financial Terms

The company has received a Letter of Award (LOA) from Manikaran Power Limited following their successful participation in TNPDDL's tender for 1000 MW of RTC power procurement. The key terms of the agreement are structured as follows:

Regulatory Addendum and Technical Requirements

Following the initial PPA execution, Tulsyan NEC Limited has filed an addendum under Regulation 30 of SEBI regulations, clarifying important technical aspects of the power supply arrangement. The addendum specifies that the award of the power supply contract to Manikaran Power Limited is based on the technical capacity of the company as the generator, with appropriate connectivity to the State Electricity Grid.

A critical provision in the addendum states that the sources of supply cannot be altered during the tenure of the PPA without the prior consent of Tulsyan NEC Limited, ensuring operational control and stability.

Strategic Impact on Operations

This PPA addresses a critical operational challenge that Tulsyan NEC Limited had been facing since the commencement of its power plant operations. The absence of medium-term power purchase agreements had significantly hindered the company's ability to operate at full scale capacity and achieve optimal profitability. The five-year contract duration ensures continued operations of the company's power plant units at full capacity, providing operational stability and revenue predictability.

Coal Linkage Eligibility and SHAKTI Policy Benefits

A significant advantage of securing this PPA is the company's newfound eligibility for coal allotment under the SHAKTI (Scheme for Harnessing and Allocating Koyala Transparently in India) Policy, 2025. This eligibility brings several operational benefits including access to Indian coal at reasonable prices, assurance of continuous and consistent profitable operations, expected consistent EBITDA generation during the PPA tenure, and reduced dependency on expensive imported coal.

Market Context and Regulatory Compliance

The original tender issued by TNPDDL was for 1000 MW of RTC power, running from April 1, 2026, to March 31, 2031. Tulsyan NEC Limited has also received Independent Power Producer (IPP) Certification from the Central Electricity Inspectorate General, which serves as a prerequisite for coal linkage allocation. The execution of this back-to-back Power Purchase Agreement, along with the regulatory addendum, represents a strategic achievement for the company, ensuring operational continuity and financial stability for its power generation business over the next five years.

Tulsyan NEC Limited has successfully completed a significant land sale transaction, disposing of its Chennai property for ₹2.33 crores. The company announced the completion of the sale and registration of the agreement on December 18, 2025, in compliance with SEBI listing regulations.

Transaction Details

The land sale encompasses a substantial property measuring 638 square meters (6,867 square feet) located at Plot No. B-76 in the Iron and Steel Market Complex. The property is situated in Survey No. 3/1A1A3-part, Block No. 3, Ward No. D, T.S. No. 6 of Sathangadu Village, Thiruvottriyur Town, Thiruvottriyur Taluk, Chennai District.

Buyer Information

The purchaser of the property is Sekar Steel Syndicate, a proprietary concern with its office located at No. C-150, CMDA Sathangadu Steel Yard, Sathangadu, Manali, Chennai-600068, Tamil Nadu. The company has confirmed that the buyer is a third-party entity and does not belong to the promoter group, promoter companies, or group companies, ensuring the transaction maintains arm's length principles.

Regulatory Compliance

Tulsyan NEC Limited has fulfilled all requirements under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has confirmed that:

• The transaction does not fall under the ambit of Related Party Transactions
• The sale is not part of any Scheme of Arrangement
• The transaction does not involve any slump sale arrangements
• All necessary documents and agreements have been executed in favor of the buyer

Financial Impact

The company has received the entire consideration amount of ₹2,33,47,800 (Rupees Two Crore Thirty-Three Lakhs Forty-Seven Thousand and Eight Hundred only). The transaction represents a complete disposal of the land asset, with all registration formalities completed as per legal requirements.

The sale aligns with the company's asset optimization strategy and provides immediate liquidity. All transaction details have been made available on the company's website at www.tulsyannec.in for stakeholder reference.