Ceigall India Limited has approved the signing of a Share Purchase Agreement to acquire the entire shareholding of Jam Khambhaliya Jamnagar Power Transmission Limited (JKJTL), a wholly owned subsidiary of REC Power Development and Consultancy Limited (REC). The acquisition is linked to a major power evacuation transmission project covering Lakadia, Jam Khambhaliya and Jamnagar in Gujarat.
The decision was approved by the Board of Directors of Ceigall India at its meeting held on September 11, 2026. The company also approved an investment to subscribe to 49% equity in a proposed joint venture company to be incorporated in India.
The acquisition of JKJTL follows Ceigall India’s receipt of a Letter of Intent from REC Power Development and Consultancy Limited on September 2, 2026, for establishing the “Common Transmission System for evacuation of power from Lakadia (Phase-II: 7.5GW), Jam Khambhaliya (Phase-II: 5.5GW) and Jamnagar (Phase-I: 1GW) – Part-B” through the Tariff Based Competitive Bidding (TBCB) process.
As stipulated under the project’s Request for Proposal, Ceigall India is required to purchase the shares of JKJTL from REC Power Development and Consultancy Limited, which is acting as the Bid Process Coordinator.
Jam Khambhaliya Jamnagar Power Transmission Limited (JKJTL) acquisition details
JKJTL is a wholly owned subsidiary formed by REC Power Development and Consultancy Limited. The company has an authorised and paid-up share capital of Rs. 5 lakh, comprising 50,000 equity shares of Rs. 10 each. Its reported turnover is currently nil.
Ceigall India will acquire 100% of the shareholding in JKJTL for a cash consideration of Rs. 5 lakh, corresponding to 50,000 equity shares of Rs. 10 each.
The transaction does not constitute a related-party transaction. Following completion of the acquisition, JKJTL will become a wholly owned subsidiary of Ceigall India, resulting in the two entities being classified as related parties.
JKJTL operates in the power transmission and distribution sector. Its stated line of business covers electric power generation, transmission and distribution. The company was incorporated on May 9, 2026, and therefore its turnover history for the previous three financial years is not applicable.
Proposed 49% investment in infrastructure JV
In a separate decision, Ceigall India approved an investment representing 49% equity in a proposed joint venture company, which is expected to be incorporated under the name HC Concessions Limited or another name approved by the Ministry of Corporate Affairs (MCA).
The proposed entity will be incorporated in India and will operate in the infrastructure development industry. HCC Infrastructure Company Limited will be its holding company and, according to the filing, is not a related party of Ceigall India. The proposed company will become a joint venture of Ceigall India upon incorporation.
The proposed joint venture is intended to undertake infrastructure development and construction activities, including the development, construction, operation and maintenance of roads, highways, expressways, bridges, flyovers, tunnels, power and renewable energy projects, water and urban infrastructure, and other infrastructure facilities in India and abroad.
The company may execute projects through models including Build-Operate-Transfer (BOT), Hybrid Annuity Model (HAM), Build-Own-Operate-Transfer (BOOT), Design-Build-Finance-Operate (DBFO) and other similar structures. It may also establish or invest in subsidiaries, special purpose vehicles, joint ventures and associate entities for infrastructure development and related activities.
Ceigall India will subscribe to 4,900 equity shares of Rs. 10 each, amounting to Rs. 49,000, representing a 49% shareholding in the proposed joint venture. The investment will be made through cash consideration.
