Bajel Projects Limited has entered into a strategic partnership with Saudi Arabia's Al Sharif Contracting and Commercial Development Company, marking a significant expansion into the Kingdom's growing infrastructure sector. The joint venture agreement, executed on February 17, 2026, establishes a 50:50 partnership to capitalize on emerging business opportunities in Saudi Arabia's power transmission sector.

Joint Venture Structure and Investment

The partnership creates an equal shareholding structure between both companies, with each party holding 50% of the equity share capital in the proposed joint venture entity. The financial commitment reflects a balanced approach to market entry and risk sharing.

Business Scope and Operations

The joint venture will focus on Engineering, Procurement, and Construction (EPC) business within Saudi Arabia's power infrastructure sector. The partnership targets several key areas of the transmission and distribution network.

Target Business Areas:

• High Voltage infrastructure projects
• Extra High Voltage (EHV) systems
• Overhead Transmission Lines
• Substation packages
• Underground cabling projects

The JVCo will undertake EPC business for clients based on successful project bidding, leveraging the combined technical expertise of both partners. The Board of the joint venture company will comprise equal number of nominees from both parties, ensuring balanced governance and decision-making.

Leadership Perspectives and Strategic Vision

According to the company's disclosure, this association will bolster Bajel Projects' engineering capabilities, project management expertise, and execution strength in the EPC segment. The partnership enhances the company's international presence in the EPC business ecosystem and supports its strategic growth objectives.

Rajesh Ganesh, MD & CEO of Bajel Projects Limited, commented that the joint venture agreement represents a defining moment for the company's strategic expansion outside India. He noted that Saudi Arabia is witnessing an unprecedented infrastructure surge, and the partnership enables bidding for complex, extra high-voltage inter-regional corridors and substations vital to Saudi Vision 2030 and beyond.

Engineer Hussain N. Gardezi, CEO of Al Sharif Contracting, stated that the agreement pools resources of two major players for infrastructure development in the Kingdom of Saudi Arabia, aligning with Vision 2030 and beyond. He highlighted Saudi Arabia's plans to build one of the most sustainable transmission networks to connect abundant renewable energy to load centers.

Partner Profile and Market Context

Al Sharif Contracting is part of Al Sharif Group, described as a multibillion dollar business group operating in Kingdom of Saudi Arabia and abroad. The group has been involved in infrastructure development in the Kingdom for the last 40 years and owns companies across various sectors including contracting, manufacturing, hospitality, renewable energy, electric mobility, and energy efficiency.

Regulatory Compliance and Disclosure

The joint venture agreement was disclosed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The investment does not fall within the purview of Related Party Transaction for the company initially, though post-investment, the JVCo will become an associate and hence a related party of Bajel Projects Limited. The press release has been made available on the company's website at www.bajelprojects.com .

Bajel Projects has secured a major Engineering, Procurement and Construction (EPC) contract for the 765kV Mandsaur substation extension project. This significant order win strengthens the company's position in the electrical infrastructure sector and adds substantial value to its project portfolio.

Contract Details

The EPC contract encompasses the extension of the 765kV substation at Mandsaur, representing a critical infrastructure development in the high-voltage transmission network. The project specifications highlight the technical complexity and scale of the undertaking.

Project Scope and Significance

The 765kV substation extension project involves high-voltage electrical infrastructure development, which is crucial for power transmission networks. Such projects typically require specialized technical expertise and advanced engineering capabilities, positioning Bajel Projects as a capable player in the electrical infrastructure segment.

The contract value range of ₹100 crore to ₹200 crore indicates the substantial scale of the project and its potential impact on the company's revenue stream. The extended completion timeline of 18 to 30 months suggests comprehensive project execution involving multiple phases of development.

Business Impact

This order win demonstrates Bajel Projects' ability to secure large-scale infrastructure contracts in the electrical transmission sector. The EPC nature of the contract means the company will handle the complete project lifecycle from engineering design through procurement and final construction, showcasing its integrated project management capabilities.

The Mandsaur substation extension project adds to the company's growing portfolio of electrical infrastructure projects and reinforces its market presence in the high-voltage transmission segment.