In an exchange filing, Ceigall said it received the LoI on 23 November 2025 from REC Power Development and Consultancy Limited (RECPDCL). The project has been awarded through the Tariff Based Competitive Bidding (TBCB) route.
The scope includes establishing the Velgaon substation and operating it for 35 years. The company must submit a contract performance guarantee of Rs 9.35 crore within 10 days of the LOI.
The execution period is 24 months from the effective date. The company informed that Rs 58.5 crore is the annuity per year for 35 years, against EPC cost of approx. Rs 450 crore.
Ceigall said the awarding entity is a domestic organisation and confirmed that the transaction does not fall under related-party dealings. The promoters do not hold any interest in RECPDCL.
Ceigall India is an infrastructure engineering, procurement, and construction (EPC) company undertaking specialized structural works such as elevated roads, flyovers, bridges, railway overbridges, tunnels, highways, expressways, and runways. The principal business operations are broadly divided into EPC projects and hybrid annuity model (HAM) projects.
On a consolidated basis, net profit of Ceigall India declined 13.86% to Rs 57.99 crore while net sales rose 4.45% to Rs 806.57 crore in Q2 September 2025 over Q2 September 2024.