Bajel Projects Limited has announced a strategic collaboration agreement with the National Investment and Infrastructure Fund (NIIF) and AnantGrid Private Limited for power transmission sector opportunities in India. The partnership was formalized through official documentation filed under Regulation 30 of SEBI listing regulations.

Strategic Partnership Framework

The collaboration establishes a structured approach to capitalize on India's expanding power transmission requirements. The partnership combines complementary expertise across investment management, project development, and engineering execution to deliver comprehensive transmission solutions.

Role Distribution and Capabilities

Each partner brings distinct strengths to support the collaboration's objectives in India's power transmission sector:

Leadership Vision and Market Opportunity

Rajesh Ganesh, MD & CEO of Bajel Projects Limited, emphasized the strategic importance: "The purpose of this collaboration is to contribute to the significant power transmission growth opportunity in India. We intend to leverage Bajel's EPC expertise, NIIF's investment management capabilities and AnantGrid's project management acumen to deliver high-quality, timely and cost-efficient power transmission projects."

Bimal Dayal, CEO of AnantGrid, highlighted the sector's critical role: "AnantGrid views power transmission as central to India's growth. As the country accelerates its energy transition, significant capex will be required to meet rising electricity demand. Our partnership with Bajel strengthens this commitment, enabling us to jointly bid and deliver projects of mutual interest."

Financial Strength and Market Position

The partnership leverages substantial financial resources and proven execution capabilities. NIIF manages over USD 5.00 billion in equity capital commitments across multiple investment strategies, positioning it as India's largest domestic infrastructure fund. Bajel Projects contributes two decades of experience in power infrastructure development as part of the Bajaj Group, with established relationships across state, national and international utilities.

Strategic Focus Areas

The collaboration targets key growth drivers in India's power sector:

The agreement covers joint identification, evaluation and bidding for selected power transmission projects across India, with parties deploying funds based on individual project requirements to support the country's energy transition goals.

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 .