HG Infra Engineering Limited (HGIEL) has announced a significant milestone in its infrastructure development efforts. The company's wholly-owned subsidiary, H.G. Narol Sarkhej Highway Private Limited, has successfully achieved financial close for a major highway project in Gujarat, as confirmed by the National Highway, R&B Department, Ahmedabad.

Project Details

The project involves the upgrading of a 10.63 km stretch of National Highway 47 (NH 47) from Narol Junction to Sarkhej Junction in Gujarat. Key aspects of the project include:

• Construction of a 6-lane road with an elevated corridor
• Implementation on Hybrid Annuity Mode (HAM)
• Total project cost: INR 781.11 crore
• Construction period: 30 months

Financial Close

The company received official confirmation of the financial close on April 18, 2025, through a letter dated August 19, 2025, from the National Highway, R&B Department, Ahmedabad.

Project Scope

The scope of work encompasses the up-gradation of the existing 6-lane road, including the construction of an elevated corridor as per site requirements. The project spans from km 0/00 to km 10/170 of NH 47, covering the stretch between Narol Junction and Sarkhej Junction in the state of Gujarat.

Company Disclosure

HG Infra Engineering Limited made this announcement in compliance with Regulation 30 and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure was made to both the BSE Limited and the National Stock Exchange of India Limited, where the company's shares are listed.

HG Infra Engineering Limited has announced a significant development in its solar energy portfolio. The company's wholly-owned subsidiary, H.G. Green Energy Private Limited, has transferred a 26% stake in three of its solar project subsidiaries to Stockwell Solar Services Private Limited.

Transaction Details

The stake transfer involves three entities:

1. H.G. Bikaner Solar Project Private Limited
2. H.G. Muknasar Solar Project Private Limited
3. H.G. Paleena Solar Project Private Limited

Following this transaction, these entities will no longer be wholly-owned subsidiaries of HG Infra Engineering but will continue to operate as subsidiaries of the company.

Financial Aspects

• Each transaction involved the sale of 2,600 equity shares with a face value of Rs. 10.00 each.
• The shares were sold at par value, resulting in a total consideration of Rs. 26,000.00 per entity.
• The company confirmed that the consideration was received in cash.
• All three solar project companies were incorporated during the fiscal year 2024-25 and have not generated any revenue to date.

About the Buyer

Stockwell Solar Services Private Limited, the acquiring company:

• Founded by IITians in 2017
• Specializes in solar OPEX/RESCO and CAPEX models
• Provides comprehensive services from site evaluation and design to financing, execution, and maintenance

Additional Information

• HG Infra Engineering clarified that Stockwell Solar Services does not belong to the promoter or group companies.
• These transactions do not fall under related party transactions.
• The expected completion date for all three stake transfers is September 3, 2025.

Regulatory Compliance

The company has made this disclosure in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The stake transfer is based on a Letter of Award dated March 18, 2024, which was previously intimated to the stock exchanges.

This strategic move by HG Infra Engineering appears to be part of its ongoing efforts in the renewable energy sector, potentially leveraging partnerships to enhance its solar project capabilities.