Madhav Infra Projects has formally incorporated nine wholly owned subsidiaries dedicated to solar energy projects, following multiple letters of awards received from M.P. Urja Vikas Nigam Limited (MPUVNL), a Government of Madhya Pradesh enterprise. The company submitted regulatory intimation to BSE Limited on January 06, 2026, confirming the completion of incorporation formalities.

Complete List of Solar Subsidiaries

The infrastructure company has successfully incorporated nine subsidiaries, each designed to function as Special Purpose Vehicles (SPVs) for executing solar projects awarded by MPUVNL. The subsidiaries have received their Certificate of Incorporation from the Central Registration Centre, Registrar of Companies.

Subsidiary Details and Geographic Distribution

The nine incorporated subsidiaries demonstrate a strategic geographic distribution across Madhya Pradesh, reflecting the company's systematic approach to solar energy development:

Regulatory Compliance and Structure

The incorporation follows SEBI regulations under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Each subsidiary has been established with identical capital structures, featuring authorized share capital of ₹1.00 lakh divided into 10,000 equity shares of ₹10 each.

The company confirmed that initial capital subscription was made in cash, with all subsidiaries incorporated as related party transactions due to Madhav Infra Projects' 100% shareholding. This structured approach enables focused project management and operational flexibility across different geographic locations in Madhya Pradesh.

Strategic Solar Energy Expansion

This subsidiary formation represents a significant milestone in Madhav Infra Projects' diversification into renewable energy infrastructure. The establishment of dedicated SPVs for each project location allows for efficient governance, regulatory compliance, and potential future scaling within the solar energy sector. The company had previously intimated the stock exchange about receiving project awards from MPUVNL on December 29, 2025.

Madhav Infra Projects Limited has secured multiple Letters of Award from M.P. Urja Vikas Nigam Limited (MPUVNL) for implementing Grid Connected Solar PV Power Plants worth approximately ₹342.00 crores. The contract falls under the PM KUSUM-C Scheme, specifically the Surya Mitra Krishi Feeders Scheme with feeder solarization component. The company disclosed this development in compliance with SEBI Regulation 30 requirements.

Project Overview

The awarded contract involves the implementation of Grid Connected Solar PV based Power Plants. The generated power will be sold to Madhya Pradesh Paschim Kshetra Vidyut Vitaran Company Limited (MPPMCL).

Contract Details

The key parameters of this significant contract award are outlined below:

Regulatory Compliance

MPUVNL, being a Government of Madhya Pradesh enterprise, awarded this domestic contract following proper procedures. The company has confirmed that:

• No promoter group or group companies have any interest in the awarding entity
• The contract does not fall within related-party transactions
• All disclosure requirements under SEBI regulations have been fulfilled

Business Implications

This contract represents a substantial addition to Madhav Infra Projects Limited's order book, reinforcing the company's position in the renewable energy infrastructure sector. The 18-month execution timeline provides a clear roadmap for project completion, with the Power Purchase Agreement signing marking the official commencement of the implementation phase.

The project aligns with India's renewable energy initiatives, particularly the PM KUSUM scheme aimed at promoting solar power adoption in the agricultural sector through feeder solarization components.