Rajesh Power Services Ltd, a significant player in India’s power infrastructure industry, has received confirmation as the L1 (Lowest) bidder for a critical turnkey project by Paschim Gujarat Vij Company Ltd (PGVCL). This project pertains to the supply, installation, testing, and commissioning of 11KV Medium Voltage Covered Conductor (MVCC) under the government’s KSY Scheme, which focuses on strengthening the state’s electricity infrastructure.

The company informed the Bombay Stock Exchange (BSE) on 2 June 2025 that it had received confirmation of its lowest bid at the L1 stage, making it the successful bidder for the project. This information was disclosed as per Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and in line with the SEBI Master Circular issued on 11 November 2024.

The significance of L1 confirmation

Being declared the L1 bidder means Rajesh Power submitted the most cost-effective bid that met all technical criteria. This is a significant achievement because it positions the company ahead of competitors in one of Gujarat’s key utility projects. However, final confirmation awaits the issuance of either a Letter of Intent (LoI) or Letter of Award (LoA) from PGVCL.

Once this formal communication is received, Rajesh Power will disclose all the required details and begin project execution under the terms of the turnkey agreement. This kind of project includes everything from material procurement to commissioning of the system.

About the MVCC project

The use of Medium Voltage Covered Conductors (MVCC) is a major step in upgrading power infrastructure. MVCC lines are safer, more reliable, and reduce power outages due to external factors such as tree contact or bird interference. The 11KV MVCC system is particularly effective in semi-urban and rural areas, where traditional overhead lines often face technical challenges.

Rajesh Power’s role in the KSY Scheme

This contract is part of the KSY Scheme, a strategic initiative by the Gujarat government to modernise its power distribution networks. By winning this bid, Rajesh Power is expected to contribute significantly to improving grid reliability, reducing transmission losses, and ensuring uninterrupted supply in the project areas.

Regulatory compliance and disclosure

Rajesh Power has demonstrated its commitment to transparency by informing stock exchanges in line with SEBI’s mandatory disclosure requirements. The letter was digitally signed by Jyoti Dakshesh Mochi, the Company Secretary and Compliance Officer, who confirmed that further disclosures will be made upon receipt of LoI or LoA.

The company’s compliance with SEBI’s Master Circular SEBI HO CFD PoD-2 CIR P 0155 dated 11 November 2024 ensures that investors and regulators are well-informed of material developments.

Company’s credentials and contact

Rajesh Power Services Ltd, incorporated under CIN L31300GJ2010PLC059536, has a strong record of executing turnkey infrastructure projects. Its corporate office is located at 380/3, Siddhi House, Opp. Lal Bungalow, B/H Sasuji Dining Hall, Off C G Road, Navrangpura, Ahmedabad – 380006, Gujarat.

Their official email for correspondence is info@rajeshpower.com and company details are available at www.rajeshpower.com.

Market response and investor interest

Such disclosures usually trigger investor interest, especially when they relate to public sector contracts. Being awarded the L1 status can lead to a positive movement in stock prices, depending on market sentiment and the value of the contract. The BSE scrip code for the company is 544291 and its ISIN code is INEOVN801010.

Next steps for the company

Once the Letter of Intent or Award is received, the company is expected to begin full-scale planning. This includes engineering, procurement of materials, site mobilisation, installation, testing, and commissioning. The total scope and timeline will be clearer in the next official communication.

Conclusion

The confirmation as L1 bidder is a vital milestone for Rajesh Power Services Ltd and reflects both its technical expertise and cost competitiveness in large-scale infrastructure projects. With the final award decision pending, the company is well-positioned to contribute to Gujarat’s power sector development under the KSY Scheme.

Investors, industry watchers, and stakeholders should look forward to the next disclosure, which will clarify the final scope and execution schedule of this important project.

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