In a significant corporate leadership update, Bajel Projects Limited, a prominent player in India’s power infrastructure sector, has announced the appointment of Mr. Nitesh Bhandari as its new Chief Financial Officer (CFO), effective May 1, 2025. The appointment was finalized by the Board of Directors during its meeting held on April 4, 2025, and is in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

This announcement marks a transition in the company’s financial leadership, as Mr. Bhandari will succeed Mr. Binda Misra, who has served Bajel Projects with dedication and distinction for an impressive 28 years. The company has officially acknowledged and appreciated Mr. Misra’s long-standing contributions and leadership, which played a pivotal role in shaping Bajel Projects’ financial discipline and operational strength.

Background of Mr. Nitesh Bhandari

Mr. Nitesh Bhandari is a Chartered Accountant with an extensive 26 years of experience in the finance domain. Prior to joining Bajel Projects, he held the position of Chief Financial Officer and Executive Director at Gujarat Gas Limited, a notable BSE-listed infrastructure services company. In his previous role, he managed various critical functions including finance, accounts, and investor relations.

His appointment as CFO also comes with the designation of Joint President, which signifies his integral role in shaping the strategic financial direction of Bajel Projects. His primary responsibilities will include building and implementing the company’s financial strategy, overseeing fiscal performance, and aligning financial policies with Bajel’s long-term growth objectives.

In the official press release, Mr. Bhandari expressed his enthusiasm stating, “I am thrilled to join the dynamic team at Bajel Projects as CFO & Joint President. I look forward to working with the team to contribute to the company's continued growth, financial stability, and strategic objectives.”

Management Remarks on the Appointment

Mr. Rajesh Ganesh, Managing Director and CEO of Bajel Projects, shared his confidence in the new CFO’s capabilities, commenting, “We are confident that Nitesh's vast and strong expertise in finance and investor relations will be invaluable as Bajel continues to strategically grow the business sustainably going forward.”

This leadership move underscores Bajel’s commitment to maintaining robust financial governance and strategic foresight as it continues to expand its footprint in the power transmission and distribution sectors.

Regulatory Disclosures and Compliance

The company has ensured compliance with SEBI’s regulatory framework, specifically under Regulation 30. The required details as per SEBI circular SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023, were submitted as Annexure-A to both BSE Limited and the National Stock Exchange of India.

Key disclosures from Annexure-A include:

• Name: Mr. Nitesh Bhandari

• Date of Appointment: May 1, 2025

• Reason for Change: Appointment as CFO, KMP, and Senior Management Personnel

• Recommendation Basis: Based on the nomination by the Nomination and Remuneration Committee and approval from the Audit Committee

• Relationships Between Directors: Not applicable

Furthermore, Mr. Bhandari will be authorized to determine materiality of events or information and for disclosure purposes to stock exchanges under Regulation 30 of SEBI LODR regulations, reinforcing his importance in regulatory and investor communication.

About Bajel Projects Limited

Bajel Projects Limited (Bajel) is a leading power infrastructure company with a stronghold in the Power Transmission and Power Distribution domains. It was earlier a part of Bajaj Electricals Limited (BEL) under its EPC segment. Bajel inherits BEL’s core values and operational excellence and continues to serve both national and international utilities, state governments, and private players in the infrastructure sector.

Renowned for its robust project management skills and a focus on operational efficiency, Bajel is seen as a trusted partner for major infrastructure projects across the country.

Corporate Evolution and Future Outlook

With this appointment, Bajel has made a strategic move toward strengthening its executive leadership. The entry of a seasoned finance professional like Mr. Bhandari is expected to help streamline financial planning, enhance investor confidence, and support long-term sustainable growth.

This transition also signifies Bajel’s readiness to embrace new challenges, adopt digitally driven financial solutions, and optimize capital allocation in line with evolving market dynamics. His background with Gujarat Gas — a key player in India’s energy sector — equips him with insights that are expected to align well with Bajel’s forward-looking approach.

Appreciation for Mr. Binda Misra

The company has extended heartfelt gratitude to Mr. Binda Misra, whose 28-year legacy includes significant contributions to the firm’s financial strength and stability. His departure, though emotional for the company, is met with appreciation and best wishes for his future endeavors.

Mr. Misra’s tenure saw Bajel transition from a division of Bajaj Electricals to a standalone force in the infrastructure segment. His financial stewardship helped shape the company’s foundation and established it as a credible and consistent performer in a highly competitive market.

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