Dooring Fy25, Gensol Engineering insured had pocketed more than ₹ 4000 million rupees in projects in Gujara | Photo credit: pixelfit
A day after the securities and exchange board of India (Sebi) Came out with an interim order on gensol Engineering and its Promoters, and orders Forensic Audit poet its operations, about ₹ 3,000 crore hemth or projects secured by the company in gujarat – including in gujarat – including in gujarat – including in gujarat – including – Including in Gujarat – Including in Gujarat – Including in Gujarat – – have eat the Scanner of Gujarat Government agencies.
“We are Fully Aware of the situation surrounding gensol Engineering. We are closely monitoring it. We are also evaluation the situation internationally and eleven the evaluation is completed, The Management Will Decide on The Necessary Action In This Regarda Vikas Fromjarat ,, Ltdjarat, Fromjarat, Government’s Apex Body Involved in the Generation, Transmission, Distribution and Other Activities, Told Business line.
Solar companies
During Fy25, Gensol Engineing Secured Over ₹ 4000 Crore Worth of Projects in Guaryat, Including A ₹ 1,350 Crore Standalone Battery Energy Storage System (Bess) Project of 250 MWh, Awarded By Guvnl In June 2024. Tejand ”Aimed Toth, Aimed Toth, Aimed Toth, Aimed Toth, Aimed Toth, Aimed Toth, Aimed Atjar” Aimed Atjar “directed ATS. DECOMS DURATION DURATION HOURS OF THE DURATION AND LITTLE PICO, also a green shoe option to grant a second section of 250 MWH at the discretion of GUVNL to the same terms and conditions. Gensol had planned to execute the project in the fiscal year26 and mop a total of ₹ 2,680 million rupees.
In addition to GUVNL, another state entity, Gujarat Power Corporation LTD (GPCL), is also monitoring the developments related to Gensol engineering, said a senior state government official. GPCL is the Nodal Agency for Development in Khavda Re Park in Gujarat.
The other projects under the scrutiny of the state government include two large -scale solar projects packaged by Gensol in the third quarter. These include a 275 MW and 245 MW PV project in the prestigious Khavda Re Park in Kutch. Valued at ₹ 1,062 million rupees and ₹ 968 million rupees, respectively, both projects were expected to be completed within 18 months. The company had also pocketed a NTPC contract for a 225 MW solar project in Khavda, valued at ₹ 898 million rupees in Gujarat. These projects granted in the 2015 fiscal year had increased the company’s request book to ₹ 7.2 billion rupees or on December 31, 2024.
Puneet Jaggi, executive director of Gensol, did not respond to calls or messages from Business line. A questionnaire sent by email to the company, looking for your answer to Sebi research and the future of the company remained unanswered. On Thursday, it was the usual in the location of the Gensol office in Makarba in Ahmedabad, where the company’s representatives refused to share information in the absence of the promoters.
Duration The vibrant Summit of Gujarat in January 2024, Gensol Engineering had signed a memorandum of understanding with the Gujarat government, promising to invest ₹ 2,000 million rupees to establish an electric vehicle manufacturing unit (EV) in Gujarat. The project, which was expected to generate 1,500 jobs, has not yet seen any action on the land, state government officials said.
In their interim order recently, Sebi claimed that the “promoters were directing a public company as if it were a proprietary company” and that the company’s funds were used as “Piggybank” promoters. Sebi has also been the funds for the purchase, and there is an “excellent evidence of facie of the violation of the company’s corporation.” Commercial objectives and are working diligently to maintain stability and operating performance. “
Posted on April 17, 2025
