Ravindra Energy Limited announced on January 9, 2026, that it has secured 13 Letter of Awards (LOA) from Hubli Electricity Supply Company Limited (HESCOM) for solar power projects with an aggregate capacity of 62 MW. The projects will be developed under the Build Own & Operate (BOO) model across HESCOM's jurisdiction in Karnataka state.

Project Overview and Financial Details

The solar power projects represent a significant business opportunity for Ravindra Energy Limited, with an estimated capital expenditure of approximately ₹225 crores. The projects are strategically distributed across 13 sub-stations of HESCOM, ensuring geographical diversification within Karnataka state.

Contract Terms and Timeline

HESCOM will enter into a 25-year Power Purchase Agreement (PPA) with Ravindra Energy Limited, providing long-term revenue visibility for the company. The contract structure offers stable cash flows over the extended operational period, with power sales at ₹2.95 per unit.

The company faces a commissioning timeline of 12 months from the date of Power Purchase Agreement execution. This timeline requires efficient project management and execution capabilities to meet the contractual obligations within the specified timeframe.

Strategic Significance

The projects fall under the domestic renewable energy sector, with HESCOM being a Karnataka Government-owned utility company. This partnership strengthens Ravindra Energy Limited's position in the state's renewable energy landscape and demonstrates the company's capability to secure substantial solar power contracts.

Regulatory Compliance

The announcement was made pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that the contracts do not involve any related party transactions and that promoters have no interest in the awarding entity.

The projects represent a significant addition to Ravindra Energy Limited's renewable energy portfolio, positioning the company for sustained growth in Karnataka's solar power sector. The 25-year operational period provides long-term revenue certainty, while the Build Own & Operate model ensures complete project control and operational flexibility.

Ravindra Energy Limited has successfully concluded its postal ballot process, with shareholders overwhelmingly approving three key resolutions including the appointment of Mr. Apurva Chandra as Independent Director. The company announced the voting results on January 7, 2026, following the scrutinizer's report dated January 6, 2026.

Comprehensive Voting Results

The postal ballot process, conducted through remote e-voting from December 7, 2025, to January 5, 2026, demonstrated strong shareholder participation across all three resolutions. The detailed voting breakdown shows exceptional support for corporate governance initiatives:

Independent Director Appointment Confirmed

Mr. Apurva Chandra's appointment as Additional Director in the capacity of Non-Executive Independent Director received exceptional shareholder support across all categories. The resolution details and approval metrics are:

Detailed Shareholder Participation Analysis

The voting pattern across different shareholder categories revealed strong institutional and retail investor confidence. Promoter and promoter group participation was 99.27% for the independent director appointment, while public institutions showed 36.72% participation and public non-institutions recorded 31.12% participation.

Additional Resolutions and Abstention Details

For the second and third resolutions regarding loan guarantees and related party transactions with Energy in Motion Limited, promoter and promoter group entities abstained from voting due to their interest in the matters. A total of 12,38,56,976 shares held by promoters and related entities remained abstained, ensuring compliance with regulatory requirements.

Process Administration and Compliance

The postal ballot process was meticulously administered by Sanjay R. Dholakia of Sanjay Dholakia & Associates, Company Secretaries, who served as the appointed scrutinizer. KFin Technologies Limited provided the remote e-voting platform, ensuring secure and transparent voting mechanisms.

This successful postal ballot process demonstrates strong shareholder confidence in Ravindra Energy's strategic direction and governance initiatives. The overwhelming approval of all three resolutions, particularly Mr. Chandra's appointment with his extensive administrative and policy experience, is expected to enhance the company's board expertise in areas relevant to the energy sector.