Shares of Gensol Engineering were trading in the green and 3% higher on 3 January after the company was awarded a contract for a 33-megawatt solar power project in Chhattisgarh.

In its regulatory filing, the company said that it had been awarded a contract by Sarda Energy & Minerals to design, engineer, procure, construct, and commission the solar power facility for a total consideration of Rs 138.72 crore.

The company added, “This marks a significant leap in Gensol’s renewable energy portfolio in the region.”

The project has to be completed within a six-month timeline.

Mr Ali Imran Naqvi, CEO of Gensol Engineering Limited, said, “Securing this project is not just a milestone for us but also an entry into the vast industrial landscape of Chhattisgarh. Known for its rich mineral deposits and burgeoning industrial sector, Chhattisgarh presents a dynamic market with immense potential for renewable energy integration.”

Naqvi added that this project aligns with the company’s vision to tap into such high-growth areas and contribute to a greener and cleaner tomorrow.

According to the latest shareholding pattern, the promoters of the company hold close to 64% stake. Moreover, prominent public shareholders include Mukul Agarwal, who has a 1.64% stake in the company.

The company was established in 2012 and is a part of the Gensol Group of Companies. The company offers engineering, procurement, and construction (EPC) services for the development of solar power plants.

At 2:53 pm, the shares of Gensol Engineering had shed all their early gains and were trading 0.43% lower at Rs 838.50 on NSE.