The order will be placed by MSETCL on behalf of its special purpose vehicle, Saswad Transmission.

The scope of the project includes construction of a 400/220 kV AIS substation and development of 400 kV and 220 kV transmission lines linked to the facility.

The engineering, procurement and construction (EPC) contract is to be executed within 23 months from the date of issuance of the notification of award, the company said in a regulatory filing.

The company also clarified that neither the promoter nor promoter group entities have any interest in the awarding entity and the order does not fall under related party transactions.

Rajesh Ganesh, managing director (MD) & CEO, Bajel Projects, said, "Securing this 700 crores ultra-mega order from MSETCL is a milestone for Bajel Projects and a strong validation of our EPC capabilities in the high-voltage substation segment. A 400/220 kV substation of this scale in the Pune district is critical infrastructure that will strengthen Maharashtra's transmission network and support the region's growing industrial and urban power demand. This order reinforces our RAASTA 2030 strategy of expanding into high-value, high-complexity projects and deepens our partnership with one of India's most important state transmission utilities. Our team is fully committed to delivering this project with the highest standards of quality and safety."

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.

Shares of Bajel Projects declined 3.68% to end at Rs 139.95 on the BSE.