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The new entity has been formed as a Special Purpose Vehicle (SPV) to develop Standalone Battery Energy Storage Systems (BESS) in Gujarat as part of the government's Tariff-Based Competitive Bidding (TBCB)'Phase VI initiative. The SPV will operate in the battery energy storage segment, marking HGIEL's strategic entry into the renewable and sustainable energy segment. As a newly incorporated entity, the company stated that there is no immediate financial impact on its consolidated operations. The SPV has been incorporated with an authorised and subscribed share capital of Rs 15 lakh, comprising 1,50,000 equity shares of Rs 10 each. Being a wholly owned subsidiary, H.G. Choraniya Bess is classified as a related party under applicable regulations. However, HGIEL confirmed that, apart from the equity held by the parent company, neither the promoters, promoter group, nor any group companies have any direct or indirect interest in the new subsidiary. H.G. Infra Engineering is primarily involved in the construction of roads and highways in Odisha, Telangana, Rajasthan, Delhi, Andhra Pradesh, Haryana, and Uttar Pradesh. HGIEL is accredited AA class by the Public Works Department (PWD) of the Government of Rajasthan (GoR) and is registered as an SS class contractor by the Military Engineer Services (MES). The company reported a 22.65% decline in consolidated net profit to Rs 146.98 crore in Q4 FY25 as against Rs 190.03 crore posted in Q4 FY24. Revenue from operations fell 20.33% YoY to Rs 1,360.89 crore in the quarter ended 31 March 2025. Powered by Capital Market - Live News |