The contract has a duration of 35 years subject to annual transmission charges.
The awarded project relates to installation of 400/220 kV Velgaon Substation (Gas Insulated Switchgear) under Tariff-Based Competitive Bidding (TBCB) process.
As part of the terms, Ceigall India has within ten days from the date of Letter of Intent to pay Rs. 9.35 crore is required to submit a contract performance guarantee.
“Continuing to our letter dated 18th July 2025 and in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Company has received a Letter of Intent dated 23rd November 2025 from REC Power Development and Consultancy Limited for “Tariff Based Competitive Bidding”. (TBCB) for setting up 400/220 kV Velgaon Substation (GIS) through process,” the company said in a regulatory filing.
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The scope of the agreement includes a project execution window of 24 months from the effective date. After completion, the operation and maintenance phase will extend for the remainder of the 35-year tenure.
The order is classified as domestic, and the nature of the work covers transmission infrastructure to be constructed and operated under a competitive bidding structure. The project timeline also outlines the operation cycle which ensures continuous monitoring after commissioning.
On Monday, shares of Seagull India fell nearly 1% on the BSE to Rs. closed at 239.95.
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