Ceigall India wins ₹59-cr annual contract from REC Power for Velgaon substation

Infrastructure construction company Ceigall India Ltd on Monday (November 24) said it has received a letter of intent from REC Power Development and Consultancy Ltd for the establishment of a 400/220 kV

Velgaon substation (GIS) through the tariff-based competitive bidding (TBCB) process.

Under the terms of the award, Ceigall India is required to furnish a contract performance guarantee of ₹9.35 crore within 10 days from the issuance of the letter of intent.

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The project pertains to the establishment of the 400/220 kV Velgaon substation (GIS). It carries a completion period of 24 months from the effective date, followed by an operation and maintenance period of 35 years. The contract value stands at ₹58.5 crore annually for 35 years as yearly transmission charges.

Shares of Ceigall India Ltd ended at ₹239.95, down by ₹2.25, or 0.93%, on the BSE today, November 24.

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