Ceigall India Limited has informed the Exchange of Signing of Share Purchase Agreement to acquisition 100 % shares of project SPV - Velgaon Power Transmission Limited ( VPTL ), a Wholly Owned Subsidiary of REC Power Development and Consultancy Limited ( REC ).
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Ceigall India Limited has signed a Share Purchase Agreement to acquire 100% of Velgaon Power Transmission Limited (VPTL), a wholly owned subsidiary of REC Power Development and Consultancy Limited, for a cash consideration of Rs. 5,00,000. VPTL is a project SPV (incorporated March 2025, no turnover) set up for the 'Establishment of 400/220 kV Velgaon Substation (GIS)' under the TBCB process, for which Ceigall had received the Letter of Intent on November 24, 2025. Post-acquisition, VPTL will become a wholly owned subsidiary of Ceigall. Additionally, the company has approved the incorporation of two new SPVs: (i) Ceigall Green Energy MP Limited as a wholly owned subsidiary to execute 130 MW solar PV projects under the PM KUSUM-C scheme in Madhya Pradesh (investment of Rs. 1 lakh), and (ii) Ceigall Indore Ujjain Greenfield Highway Limited as a step-down subsidiary to execute a 48.10 km, 4-lane highway project on Hybrid Annuity Mode in Madhya Pradesh (investment of Rs. 1 lakh).
The moves expand Ceigall's footprint into power transmission (a new vertical beyond roads/highways) and renewable energy, in line with diversification. The actual cash outlay is small (SPV-level investments), but the projects themselves represent significant business wins. Overall positive for shareholders as it signals project execution momentum, though the financial impact will depend on the scale and returns of these large infrastructure projects over coming years.