Bajel Projects, NIIF and AnantGrid partner to bid for transmission projects

Bajel Projects Limited has entered into a collaboration agreement with the National Investment and Infrastructure Fund (NIIF) and NIIF’s subsidiary AnantGrid Private Limited to jointly bid for and develop power transmission projects in India.

The agreement establishes a framework for the three entities to identify, evaluate and pursue selected transmission projects of mutual interest. For projects won through competitive bidding, Bajel Projects will hold a 26% equity stake in the project-specific special purpose vehicles (SPVs), while NIIF and its affiliates will hold the remaining 74%.

Under the arrangement, Bajel Projects will lead engineering, procurement and construction (EPC) activities and overall project execution. NIIF will be responsible for funding, investment management and asset management. AnantGrid will handle business development and project management.

The partnership is intended to support the expansion of India’s transmission infrastructure as electricity demand rises and renewable energy capacity grows. The government has set a target of installing 500 GW of renewable energy capacity by 2030, which is expected to require significant investment in transmission networks to integrate new generation capacity.

Rajesh Ganesh, Managing Director and Chief Executive Officer (CEO) of Bajel Projects Limited, said the collaboration is aimed at addressing the large growth opportunity in India’s power transmission sector. He stated that the companies plan to combine Bajel’s EPC capabilities with NIIF’s investment management expertise and AnantGrid’s project management experience to deliver transmission projects.

Bimal Dayal, CEO of AnantGrid, said power transmission will play a key role in India’s economic growth as the country advances its energy transition and electricity demand continues to increase. He added that the partnership with Bajel is expected to support joint participation in transmission projects.

The companies stated that the collaboration is limited to domestic projects and does not involve any related party transactions. Avencer Capital acted as the sole financial advisor to Bajel Projects for the transaction.

Bajel Projects Limited, previously the EPC business of Bajaj Electricals Limited, operates in the power transmission and distribution sectors. NIIF is a sovereign-anchored alternative asset manager with more than USD 5 billion in equity capital commitments. AnantGrid Private Limited is a power transmission developer promoted by NIIF.

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