Shares of Madhav Infra Projects Limited surged more than 9% in trade after the company informed exchanges about receiving multiple Letters of Award (LOAs) for solar power projects in Madhya Pradesh. The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The contracts have been awarded by M.P. Urja Vikas Nigam Limited (MPUVNL), a Government of Madhya Pradesh enterprise. The scope of work involves the implementation of grid-connected solar photovoltaic (PV) based power plants under the Surya Mitra Krishi Feeders Scheme, with feeder solarisation forming a key component of the PM KUSUM-C Scheme. Power generated from these plants will be sold to Madhya Pradesh Power Management Company Limited (MPPMCL).
As per the company’s filing, all the contracts are domestic in nature and are to be executed within a period of 18 months from the date of signing of the Power Purchase Agreement (PPA). The total estimated consideration for the awarded projects stands at approximately ₹342 crore, marking a sizeable addition to Madhav Infra Projects’ order book in the renewable energy segment.
The company has also clarified that neither the promoters nor the promoter group has any interest in the entity awarding the contracts. Additionally, the awarded contracts do not fall under related-party transactions, ensuring arm’s length execution and regulatory transparency.
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