Bajel Projects gets LoI worth Rs 487.64 crore; share price up 3%

The project is scheduled to be completed within 18 months from the effective date.

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Bajel Projects share price rose 3.6 percent in early trade on January 12 after the company received a Letter of Intent (LoI) worth Rs 487.64 crore for supply and installation services of a transmission project.

At 09:28 hrs, Bajel Projects was quoting at Rs 150.00, up Rs 5.25, or 3.63 percent, on the BSE.

“….. has received a LOI for supply of plant and installation services for engineering, procurement, construction & commissioning of transmission lines and GIS Substations by The Tata Power Company Limited for and on behalf of their project specific SPV i.e. M/s Jalpura – Khurja Power Transmission Limited,” the company said in a release.

The project is situated at Greater Noida, Jalpura, Khurja in the state of Uttar Pradesh.

The project is expected to be completed within 18 months from the effective date.

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In early 2022, Bajaj Electricals had announced the plan to demerge Bajel Projects, its power transmission and distribution (T&D) business, into a separate company.