Bajel Projects Limited has executed a Joint Venture Agreement with Al Sharif Contracting and Commercial Development Company on February 17, 2026, to establish a 50:50 joint venture entity in Saudi Arabia. The partnership will focus on the Engineering, Procurement, and Construction (EPC) business for high voltage transmission infrastructure. Each partner will contribute SAR 1 million (approximately USD 270,000) asan initial equity investment. The joint venture company is expected to be formed within three to six months and will function as an associate company of Bajel Projects Limited, supporting its international expansion strategy in the Saudi Arabian power infrastructure sector.
The agreement marks a strategic expansion for Bajel Projects Limited into the Kingdom’s growing infrastructure market. Structured as an equal shareholding partnership, both companies will hold 50 percent of the equity share capital in the proposed joint venture entity. The initial investment will be made through cash contributions, reflecting a balanced approach to market entry and risk sharing. Upon incorporation, the entity will be classified as an associate company of Bajel Projects Limited.
The joint venture will undertake EPC projects within Saudi Arabia’s power transmission and distribution sector. Its scope will cover high voltage infrastructure projects, Extra High Voltage (EHV) systems, overhead transmission lines, substation packages, and underground cabling projects. The JVCo will execute projects for clients based on successful bidding, leveraging the combined technical expertise of both partners. Governance will be maintained through a Board comprising an equal number of nominees from each company to ensure balanced decision-making.
According to the company’s disclosure, the association is expected to strengthen Bajel Projects’ engineering capabilities, project management expertise, and execution strength in the EPC segment. The partnership is aimed at enhancing the company’s international footprint while enabling it to capture emerging opportunities in the Kingdom of Saudi Arabia (KSA). Rajesh Ganesh, MD & CEO of Bajel Projects Limited, described the joint venture agreement as a defining milestone in the company’s expansion beyond India. He stated that Saudi Arabia is witnessing significant infrastructure growth and that the collaboration will enable bidding for complex extra high-voltage inter-regional corridors and substations aligned with Saudi Vision 2030 and future development plans.
Al Sharif Contracting is part of Al Sharif Group, a multibillion-dollar business group operating in the Kingdom of Saudi Arabia and internationally. The group has been engaged in infrastructure development in the Kingdom for the past 40 years and has business interests across contracting, manufacturing, hospitality, renewable energy, electric mobility and energy efficiency sectors. Engineer Hussain N. Gardezi, CEO of Al Sharif Contracting, stated that the agreement brings together the resources of two major infrastructure players and aligns with the Kingdom’s long-term development objectives, including building a sustainable transmission network to connect renewable energy sources to load centers.
The joint venture agreement was disclosed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The investment does not initially fall within the purview of a Related Party Transaction for Bajel Projects Limited; however, upon formation, the JVCo will become an associate company and consequently a related party of Bajel Projects Limited.
