Bajel Projects Seeks Shareholder Approval for Rs 1,945 Crore EPC Deals

Aggregate transaction limit proposed: Rs 1,945 crore over four years.
Materiality threshold for compliance: Rs 279.16 crore.

Reader Takeaway: Shareholders vote on a strategic EPC framework with NIIF, crucial for long-term transmission project revenue growth.

What just happened

Bajel Projects Ltd has launched a postal ballot process to obtain shareholder approval for material related party transactions with its associate company, AnantGrid Projects One Private Limited (AGPOPL). The company holds a 26% stake in AGPOPL, while the National Investment and Infrastructure Fund (NIIF) holds the remaining 74%. The remote e-voting window opens on September 5, 2026, and concludes on October 4, 2026.

Why this matters

The transactions are necessary to execute Engineering, Procurement, and Construction (EPC) activities for a major power transmission project. AGPOPL has already received a Letter of Intent from PFC Consulting Limited for the 'Common Transmission System' project. The proposal includes a ceiling of Rs 1,535 crore for the sale of goods and services, Rs 300 crore for guarantees, Rs 100 crore for investments, and Rs 10 crore for inter-corporate deposits.

Compliance and Rationale

Under SEBI LODR regulations, these transactions require shareholder approval as they exceed the materiality threshold of Rs 279.16 crore (10% of Bajel’s FY 2025-26 consolidated turnover). Management notes this is a strategic move to tap into India's 500 GW renewable energy target by 2030, with Bajel handling technical execution and NIIF managing debt syndication.

Governance and Risks

Bajel Projects has confirmed that its CFO, Mr. Nitesh Bhandari, serves as a Non-Executive Director at AGPOPL. To maintain transparency, all related parties are barred from voting on this specific resolution. Investors should monitor the project execution timeline, as these high-value limits are directly tied to the progress of the transmission infrastructure build-out.