Shares of Bajel Projects Ltd rallied 11% to touch a day’s high of Rs 159.99 on 16th March. This came after the company said on Friday (13th March) that it had secured an ultra-mega engineering, procurement and construction (EPC) order worth over Rs 700 crore from Maharashtra State Electricity Transmission Company Ltd. The order is to set up a 400/220 kV air-insulated switchgear (AIS) substation at Saswad in Pune district. Additionally, it includes associated transmission lines.

The order is the largest single contract Bajel Projects has won in its power transmission business. It involves designing, supplying, installing, testing, and commissioning a greenfield 2×500 MVA, 400/220 kV air-insulated switchgear (AIS) substation at Saswad in Pune.

The project will also include installing a 1×125 MVAr bus reactor at the 400 kV level. Moreover, there will be provisions for future expansion, according to the company’s regulatory filing.

The scope of work further includes bay additions at existing and proposed substations. In addition, it requires the construction of multiple 400 kV and 220 kV transmission lines. It also involves line-in-line-out (LILO) connections to integrate the Saswad substation with the wider Maharashtra power grid.

Maharashtra State Electricity Transmission Company Ltd has awarded the project. It will be executed on behalf of its special-purpose vehicle, Saswad Transmission Ltd. The project is expected to be completed within 23 months of the date of the award notification.

The Saswad substation is expected to strengthen Maharashtra’s high-voltage transmission network. Also, it will improve power evacuation capacity for the fast-growing Pune region.

Commenting on the development, Rajesh Ganesh, Managing Director and CEO of Bajel Projects, said the order marks a milestone for the company. Furthermore, it highlights its engineering and execution capabilities in the high-voltage substation segment.

At 12:31 PM, shares of Bajel Projects were trading 10.94% higher at Rs 155.27 on the NSE.

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