Rajesh Power Confirmed as L1 Bidder for Three Major MVCC Projects under MGVCL

Rajesh Power Services Limited, a leading player in the power infrastructure sector, has made a significant announcement under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On 4 June 2025, the company officially communicated to BSE Limited that it has received confirmation as the Lowest Bidder (L1) at the initial bidding stage for three substantial MVCC contracts under Madhya Gujarat Vij Company Limited (MGVCL).

This intimation falls in line with SEBI’s latest Master Circular SEBI/HO/CFD/PoD-2/CIR/P/0155 dated 11 November 2024, mandating timely and transparent disclosure of such developments.

Projects Under Which Rajesh Power Was Declared L1

Rajesh Power’s bid success includes the following three turnkey projects under different schemes:

1. Kisan Suryoday Yojna (KSY) Scheme

   • Location: Various places across Gujarat

   • Scope: Supply, Installation, Testing, and Commissioning of 11KV Medium Voltage Covered Conductor (MVCC)

   • Executing Authority: MGVCL

2. VKY-2 Scheme in Bodeli & Dabhoi Divisions

   • District: Vadodara

   • Scope: Similar turnkey work on 11KV MVCC

   • Focus: Strengthening rural power distribution infrastructure

3. VKY-2 Scheme in Dahod & Lunawada Divisions

   • Districts: Dahod and Panchmahal

   • Scope: Supply and commissioning of MVCC

   • Purpose: Improve safety, efficiency, and reach of the power supply system

These projects focus on modernising the medium voltage distribution network with insulated conductors, which reduce line losses, enhance safety, and improve reliability in power supply, especially in rural and agricultural zones.

Significance of L1 Status

Being declared L1 or Lowest Bidder does not immediately guarantee the award of the contract. However, it strongly indicates a high probability of contract execution, subject to issuance of a Letter of Intent (LoI) or a Letter of Award (LoA) by MGVCL.

Once such letters are received, the company is expected to issue further disclosures with detailed financial and operational implications. This process aligns with SEBI’s emphasis on timely disclosures and helps shareholders and the public remain informed of significant developments.

Expected Financial Impact

Although the monetary value of the contracts has not been disclosed yet, it is expected to be significant considering the scale of the MVCC infrastructure works and the turnkey nature of these projects.

Such orders can positively impact the company’s revenue pipeline, bolster its credentials in executing high-value power infrastructure contracts, and improve investor sentiment.

The company’s project order book has been growing steadily, and this bid success aligns with its stated goal of expanding its presence in the public utility and government-backed electrification initiatives.

Compliance and Corporate Governance

Rajesh Power’s disclosure was signed by Jyoti Dakshesh Mochi, Company Secretary and Compliance Officer. It reflects the company’s adherence to transparent and timely regulatory reporting under SEBI’s LODR framework.

The filing was made to the Compliance Department of BSE Limited, referencing the Scrip Code 544291 and ISIN Code INEOVN801010.

The company reaffirmed that further disclosures will be made separately after receipt of the LoI or LoA from the respective project authorities.

Company Overview

Rajesh Power Services Limited is engaged in engineering, procurement, and construction (EPC) services for power transmission and distribution. It has built a reputation for executing substation, transmission line, and electrification projects across India.

With increasing focus from central and state governments on renewable energy, rural electrification, and infrastructure modernisation, Rajesh Power is strategically positioning itself to tap into emerging opportunities.

The company’s corporate office is based in Ahmedabad, Gujarat.

Future Outlook

If Rajesh Power receives the final letters of confirmation for these contracts, it will:

• Strengthen its order book

• Enhance financial stability

• Improve operational efficiency metrics

• Attract long-term investor interest

Such developments may also positively influence share price momentum in the short to medium term, subject to broader market sentiments.

Conclusion

Rajesh Power Services Limited’s emergence as the L1 bidder for three critical power infrastructure projects under MGVCL's umbrella marks a key step in its growth trajectory. While the company awaits final documentation in the form of LoI or LoA, this disclosure reflects its active participation and competitive strength in India's expanding electrification ecosystem.

This announcement is not just procedural but also strategically important for stakeholders, regulators, and market participants tracking power sector developments

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