Rajesh Power forms transmission JV for East Central Railway

Rajesh Power Services Limited has signed a joint venture agreement with VITS Total Power Solutions Private Limited to bid for and execute a transmission project for East Central Railway.

The joint venture will operate under the name RPSL-VITS JV. Rajesh Power will hold a 51% stake and act as the lead member, while VITS Total Power Solutions will hold the remaining 49% as the constituent member.

The project covers the design, supply, erection, testing, and commissioning of a 132 kV double-circuit, three-phase transmission line from Grid Substation Nabinagar to Railway Traction Substation Nabinagar. It also includes installation of two 132 kV line bays at the Nabinagar grid substation. The work is part of the Danapur Railway Project under East Central Railway.

According to the exchange filing, the agreement is limited to procurement and execution of the specified transmission project. Both companies will collaborate until completion of the contract.

Rajesh Power has stated that VITS Total Power Solutions is not related to its promoter, promoter group, or group companies. The arrangement does not qualify as a related party transaction. No special rights, including board nomination rights, rights of first refusal on share issuance, or restrictions on changes to capital structure, have been granted under the agreement.

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