H.G. Infra Engineering Ventures into Solar Power with New Subsidiary

On May 28, 2024, H.G. Infra Engineering Limited informed in an exchange filing that they have incorporated a subsidiary, namely H.G. Sri Dungargarh Solar Project Private Limited.

Details of the New Entity

The authorised subscribed and paid-up share capital of H.G. Sri Dungargarh Solar Project Private Limited is ₹1,00,000 divided into 10,000 equity shares of ₹10 each.

H.G. Infra Engineering Limited stated that the transaction may be considered a Related Party transaction as the investment is in a subsidiary of the company.

Mr Vaibhav Choudhary and Ms Nisha Singh are the Directors of H.G. Sri Dungargarh Solar Project Private Limited, belonging to the promoter group of H.G. Infra Engineering Limited. The shares have been subscribed at par and arm’s length.

H.G. Sri Dungargarh Solar Project Private Limited will carry out business in the field of Solar Power.

H.G. Sri Dungargarh Solar Project Private Limited was incorporated on May 27, 2024, under the provisions of the Companies Act 2013. The company’s registered office is in the State of Rajasthan.

The acquisition cost for the shares is ₹51,000, divided into 5,100 equity shares at ₹10 each. H.G. Infra Engineering Limited has acquired a 51% shareholding, amounting to 5,100 shares.

As another development, earlier this month, the Maharashtra State Road Development Corporation declared H.G. Infra Engineering Limited an L-1 bidder. The company received two orders, one of which is to construct the Nagpur-Chandrapur Access Controlled Super Communication Expressway in the State of Maharashtra on EPC Mode for Package NC-04. This project extends from km 90+400 Chargaon Tq. Bhadravati to km 118+600 Nandgaon Kh Tq. Korpana Dist. Chandrapur, covering a length of 28.200 km. The order size is ₹1,991.11 crore and is expected to be completed within 30 months.

The other order is for constructing the Nagpur-Chandrapur Access Controlled Super Communication Expressway in the State of Maharashtra on EPC Mode for Package NC-05. This project extends from km 118+600 Nandgaon Kh. Tq. Korpana to km 150+350 Jogapur Tq. Ballarpur Dist. Chandrapur, covering a length of 31.750 km. The order size is ₹2,151.11 crore and is expected to be completed within 30 months.

On May 29, 2024, the share price of H.G. Infra Engineering Ltd opened at ₹1,464.00, touching the day’s high at ₹1,494.95, as of 10:19 AM on the NSE.

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