Bajel Projects will hold 50% of the equity share capital of the JVCo, while the remaining 50% will be held by Al-Sharif Contracting & Commercial Development Co. Ltd. The board of the JVCo will comprise an equal number of nominees from both partners. Post incorporation, the JVCo will be classified as an associate of Bajel Projects.

Each partner will initially invest up to SAR 1 million (approximately $270,000) in cash towards equity capital. The proposed entity is yet to be incorporated, with formation expected within three to six months from the signing of the agreement. The name of the JVCo is currently under discussion.

The company clarified that the investment does not fall under the purview of related party transactions. Apart from the proposed equity participation in the JVCo, the promoters and promoter group have no interest in the entity.

The joint venture aims to capture emerging EPC opportunities in Saudi Arabia. This association will bolster the company’s engineering capabilities, project management expertise and superior execution strength in the EPC segment. The partnership will further enhance the company’s international presence in the EPC business ecosystem and support its strategic growth objectives, while enabling it to capture emerging business opportunities in the region of KSA. This is in line with the main business of the company.

Rajesh Ganesh, MD & CEO, Bajel Projects, said, "The signing of this joint venture agreement with Al Sharif Contracting and Commercial Development Company is a defining moment for Bajel Projects as we strategically expand our presence outside India. Saudi Arabia is currently witnessing an unprecedented infrastructure surge. This partnership enables us to bid for complex, extra-high-voltage inter-regional corridors and substations that are vital to Saudi Vision 2030 and beyond. BAJEL is excited and looking forward to contributing to the grand vision of the Kingdom ”.

Al Sharif Contracting CEO, Engineer Hussain N. Gardezi, said, “We are happy to conclude the agreement. The resources of two big players will be pooled together for development of infrastructure of Kingdom of Saudi Arabia. This is the need of the hour in line with vision 2030 and beyond of Kingdom of Saudi Arabia. Kingdom of Saudi Arabia plans to build one of the most sustainable transmission networks to connect abundance renewable energy to the load centres."

Bajel Projects (BPL) is a leading company in the business of power infrastructure, with a strong presence in the power transmission and power distribution sectors. BPL was formerly part of Bajaj Electricals under the EPC segment.

Bajel Projects reported a consolidated net loss of Rs 0.42 crore in Q3 FY26, compared with a net profit of Rs 1.46 crore posted in Q3 FY25. Revenue from operations declined 9.64% year-on-year to Rs 562.34 crore in the quarter ended 31 December 2025.