Bajel Projects has won an ultra-mega engineering, procurement, and construction (EPC) contract worth more than 700 crore from Maharashtra State Electricity Transmission Company Limited (MSETCL). The deal includes building a 400/220 kV Air Insulated Switchgear (AIS) substation in Saswad, Pune district, and the transmission lines that go with it.
Following the announcement of the order, shares of Bajel Projects rose as much as 14% to ₹160 on the BSE on Monday, reflecting positive investor sentiment. The order represents the largest single contract won by the company in its power transmission business so far.
Turnkey EPC Execution of High-Voltage Substation
The project will include the full turnkey EPC execution of the 400/220 kV AIS substation in Saswad. The job includes designing, supplying, building, testing, and putting into service the substation, as well as building all of the transmission lines that go with it.
The contract also covers civil construction activities and full erection, testing and commissioning (ETC) components required for the project. According to the project plan, the new facility will be built as a greenfield 2×500 MVA, 400/220 kV AIS substation.
In addition, the project will include the installation of a 1×125 MVAr bus reactor at the 400 kV level. The infrastructure has also been designed with provisions for future expansion in order to support the long-term growth of electricity demand in Maharashtra.
Strengthening Maharashtra’s Power Transmission Network
As part of the project, bay additions will be carried out at three existing and planned substations to integrate the new Saswad facility into the existing power transmission network. The scope also includes the construction of several new 400 kV and 220 kV transmission lines, along with Line In Line Out (LILO) arrangements, to connect the substation to the wider Maharashtra electricity grid.
Located in Pune district, the Saswad substation is expected to become an important node in Maharashtra’s high-voltage transmission system. The project aims to improve power evacuation capacity for the rapidly growing industrial region around Pune and enhance overall grid reliability across the state.
Company Leadership on the Project Win
Commenting on the development, Rajesh Ganesh, Managing Director and Chief Executive Officer of Bajel Projects Limited, said:
“Securing the Rs 700 crore plus ultra mega order from MSETCL marks a key milestone for the company and highlights its EPC capabilities in the high voltage substation segment. A 400/220 kV substation of this scale in Pune district will play a vital role in strengthening Maharashtra’s transmission network and meeting the rising power demand from the region’s expanding industrial and urban areas.”
Ganesh further added that the project supports the company’s RAASTA 2030 strategy, which focuses on expanding into high-value and complex infrastructure projects while strengthening partnerships with key state transmission utilities.
Market Response and Project Timeline
The contract has been awarded through MSETCL’s special purpose vehicle (SPV), Saswad Transmission, and is expected to be completed within 23 months from the issuance of the Notification of Award.
Following the announcement, Bajel Projects’ stock witnessed strong buying interest. The share price opened with a significant gap-up on the Bombay Stock Exchange (BSE) and touched an intraday high of around ₹159.50, indicating positive market response to the order win.
Bajel Projects, headquartered in Mumbai, operates a manufacturing facility in Ranjangaon, Pune and specialises in executing high and extra-high voltage transmission lines, substations, underground cabling, monopoles and electrification projects on a turnkey basis.
The company’s client portfolio includes major utilities such as Power Grid Corporation of India Ltd (PGCIL), MPPTCL, HVPNL, Torrent Power, as well as international utilities including ZESCO in Zambia and KPLC in Kenya.
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