Bajel Projects forms 50:50 JV with ASC in Saudi Arabia

Bajel Projects Limited has signed a joint venture agreement with Al Sharif Contracting and Commercial Development Company (ASC) to set up a new entity in the Kingdom of Saudi Arabia. The agreement, executed on February 17, 2026, establishes a 50:50 partnership to pursue Engineering, Procurement, and Construction (EPC) opportunities in the high-voltage transmission and substation segment.

The proposed joint venture company (JVCo), which is yet to be incorporated, will undertake EPC projects involving High Voltage (HV) and Extra High Voltage (EHV) overhead transmission lines, substations and underground cabling. Both partners will invest up to SAR 1 million each, equivalent to approximately USD 270,000. The JVCo is expected to be incorporated within three to six months from the date of the agreement.

Bajel Projects, part of the Bajaj Group, will contribute its experience in EHV project execution and management. ASC, a subsidiary of Al Sharif Group Holdings, brings regional expertise and over four decades of infrastructure development experience in the Kingdom. The partnership aims to participate in projects aligned with Saudi Arabia’s Vision 2030 programme, including grid modernisation and renewable energy integration initiatives.

In its stock exchange disclosure, Bajel Projects stated that the JVCo will operate as an associate company upon incorporation. The company clarified that the arrangement does not constitute a related party transaction at present. However, the JVCo will be regarded as a related entity after investment. Promoters and group companies do not hold any interest in the venture beyond Bajel Projects’ shareholding.

In a press statement, Bajel Projects said the agreement marks a step in its international expansion plans. ASC stated that the partnership supports the Kingdom’s infrastructure development objectives. The joint venture is expected to focus on interregional transmission corridors and substation packages linked to Saudi Arabia’s energy sector development.

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