Ceigall India Limited has emerged as the lowest bidder for a significant solar power project in Madhya Pradesh, marking a major milestone in the company's renewable energy portfolio.

Project Details

Ceigall India has been declared the L-1 (lowest) bidder for a 220 MW solar power project with battery energy storage systems (BESS) at Morena Solar Park, Madhya Pradesh. The company secured this capacity out of the total 440 MW project through a tariff-based competitive bidding process conducted by Rewa Ultra Mega Solar Limited.

Competitive Tariff

In an electronic reverse auction, Ceigall India quoted a highly competitive tariff of ₹2.70 per kilowatt-hour (kWh). This competitive pricing demonstrates the company's strong position in the renewable energy sector and its ability to deliver cost-effective solar solutions.

Project Scope and Value

The project involves the establishment of a grid-connected ground-mounted solar photovoltaic system with battery energy storage systems. According to the company's disclosure, the approximate value of the project is ₹1700.00 crores, including GST.

Timeline

The construction period for the project is set at 24 months, followed by an operational period of 25 years. This long-term commitment underscores the project's significance in India's renewable energy landscape.

Company Statement

Megha Kainth, Company Secretary & Compliance Officer of Ceigall India Limited, stated in the regulatory filing, "We are pleased to inform you that our Company has emerged as the Lowest (L-1) Bidder in auction 'Establishment of Grid-Connected Ground-Mounted Solar Photovoltaic (PV) Project with Battery Energy Storage Systems (BESS) at Morena Solar Park, Madhya Pradesh,' through a tariff-based competitive bidding."

Market Impact

This project win is expected to significantly bolster Ceigall India's position in the renewable energy sector. The integration of battery energy storage systems with solar power generation showcases the company's commitment to advanced and sustainable energy solutions.

The successful bid for this large-scale project not only demonstrates Ceigall India's competitive edge in the solar power industry but also contributes to India's growing renewable energy capacity. As the country continues to prioritize clean energy sources, projects like this play a crucial role in achieving national sustainability goals and reducing carbon emissions.

Investors and industry observers will likely keep a close watch on Ceigall India's execution of this project, as it represents a significant addition to the company's project portfolio and could impact its future growth trajectory in the renewable energy sector.

Ceigall India Limited , a prominent player in the infrastructure sector, has made significant strategic moves to expand its portfolio and support the revival of a construction company. The company's board of directors has approved two major decisions that are set to impact its future operations and investments.

₹50 Crore Convertible Loan to C&C Constructions

In a bold move to assist in the revival of C&C Constructions Limited (CCCL), Ceigall India's board has approved a ₹50.00 crore convertible loan in the form of an Inter-Corporate Deposit (ICD). This decision comes as part of a revised strategy, replacing an earlier proposal to acquire CCCL through a merger with Ceigall Infra Projects Private Limited (CIPPL), a wholly-owned subsidiary of Ceigall India.

Key points of the agreement include:

• The loan is secured and convertible into equity shares of CCCL.
• Upon approval from the National Company Law Tribunal (NCLT), Ceigall India is expected to initially hold up to 94% shareholding in CCCL.
• Ceigall India plans to eventually reduce its stake to 75%, in compliance with SEBI regulations and the IBC Code.

This strategic move is aimed at providing financial assistance for the revival of C&C Constructions, which was previously under liquidation.

74% Stake Investment in Highway Project SPV

In another significant development, Ceigall India's board has approved a 74% stake investment in Ceigall Southern Ludhiana Bypass Private Limited, a Special Purpose Vehicle (SPV) for a major highway project. The details of this investment include:

• The SPV was incorporated on July 11, 2022, for a project under the Hybrid Annuity Model (HAM).
• The project involves the construction of a Six-Lane Greenfield Southern Ludhiana Bypass, spanning from NH-44 near Village Rajgarh to the Delhi-Katra Expressway (NE-5) near Village Ballowal.
• Ceigall India will invest up to ₹19.37 crore in equity shares of the SPV at a face value of ₹10.00 per share.
• The investment will be made in tranches as per the project's fund requirements.

This move aligns with Ceigall India's core business of infrastructure construction and strengthens its position in the highway development sector.

Implications and Outlook

These strategic decisions by Ceigall India's board reflect the company's commitment to growth and its willingness to support struggling entities in the construction sector. The convertible loan to C&C Constructions could potentially lead to Ceigall India becoming a major stakeholder in the company, subject to NCLT approval. Meanwhile, the investment in the highway project SPV demonstrates Ceigall India's focus on expanding its infrastructure portfolio, particularly in HAM projects.

Investors and market watchers will be keenly observing how these moves impact Ceigall India's financial performance and market position in the coming quarters. The company's ability to successfully revive C&C Constructions and execute the Ludhiana Bypass project will be critical factors in determining the long-term benefits of these strategic decisions.

As per the company's disclosure, the trading window for Ceigall India's securities will reopen on September 22, 2025, allowing designated persons to resume trading activities.