Ceigall India has incorporated a wholly owned subsidiary, Ceigall Green Energy MP Limited, to execute its ₹550 crore solar power project awarded by Madhya Pradesh Urja Vikas Nigam Limited (MPUVNL). The subsidiary was incorporated on January 5, 2026, as a Special Purpose Vehicle (SPV) for the 130 MW solar project under the PM KUSUM-C scheme.

Official Contract Award and Project Details

The infrastructure development company had earlier received Letters of Award from MPUVNL for Solar PV based Power Plants (SPP) with an aggregate capacity of 130 MW (AC) under the Surya Mitra Krishi Feeders Scheme - PM KUSUM-C. The project involves setting up grid-connected solar power plants across two districts in Madhya Pradesh.

Subsidiary Incorporation Framework

Ceigall Green Energy MP Limited has been incorporated as a wholly owned subsidiary under the Companies Act, 2013, specifically to implement the MPUVNL solar project. The company has invested ₹1.00 lakh as cash consideration for 100% shareholding in the subsidiary, which operates in the renewable energy industry.

Project Execution Timeline and Structure

The solar power project involves comprehensive design, engineering, procurement, construction, testing, commissioning, and operation of grid-connected solar power plants. The project structure provides long-term revenue visibility through a 25-year operational period with Power Purchase Agreement from the Schedule Commercial Operation Date.

Strategic Impact and Management Vision

The subsidiary formation demonstrates Ceigall India's structured approach to executing large-scale renewable energy projects. Chairman Managing Director Ramneek Sehgal had earlier emphasized the project's significance in the company's renewable energy journey, highlighting its contribution to Madhya Pradesh's clean energy goals and India's sustainable infrastructure expansion. The SPV structure enables focused project execution while maintaining regulatory compliance and operational efficiency for the 130 MW solar power initiative.

Ceigall India Limited's Management Committee has approved strategic acquisitions and subsidiary incorporations in its meeting held on January 02, 2026, marking significant expansion moves across power transmission, renewable energy, and infrastructure development sectors.

Strategic Acquisition in Power Transmission

The Management Committee approved the signing of a Share Purchase Agreement to acquire 100% shares of Velgaon Power Transmission Limited (VPTL), a wholly owned subsidiary of REC Power Development and Consultancy Limited. The acquisition details are structured as follows:

This acquisition follows Ceigall India's selection as the preferred bidder for the "Establishment of 400/220 kV Velgaon Substation (GIS)" project through the Tariff Based Competitive Bidding (TBCB) process, as communicated via Letter of Intent dated November 24, 2025. VPTL was incorporated on March 29, 2025, with an authorized and paid-up share capital of ₹5.00 lakh divided into 50,000 equity shares.

Renewable Energy Expansion

The committee approved the incorporation of Ceigall Green Energy MP Limited as a wholly owned subsidiary to implement solar power projects in Madhya Pradesh. The subsidiary formation parameters include:

This subsidiary will execute multiple Letter of Awards received from Madhya Pradesh Urja Vikas Nigam Ltd. (MPUVNL) for Solar PV based Power Plants, focusing on grid-connected solar power projects under the renewable energy initiative.

Infrastructure Development Initiative

The Management Committee also approved the incorporation of Ceigall Indore Ujjain Greenfield Highway Limited as a step-down subsidiary. This Special Purpose Vehicle will be established through Ceigall Infra Projects Private Limited, the company's wholly owned subsidiary.

The project involves construction of the Indore Ujjain Greenfield Access Control highway, awarded by Madhya Pradesh Road Development Corporation Limited on December 28, 2025.

Regulatory Compliance and Corporate Governance

The Management Committee meeting commenced at 02:45 P.M. (IST) and concluded at 04:00 P.M. (IST) on January 02, 2026. All approvals were made in accordance with powers conferred by the Board of Directors and comply with Regulation 30 of SEBI (LODR) Regulations, 2025.

The company has provided comprehensive disclosures as required under SEBI Listing Regulations, including detailed annexures covering acquisition parameters, subsidiary incorporation details, and regulatory compliance requirements. Company Secretary Megha Kainth (Membership no: F7639) digitally signed the regulatory filing, confirming all approved transactions involve cash considerations and align with the company's strategic expansion across multiple infrastructure sectors.