HG Infra's bid was selected through a global competitive bidding process. The project, with a tariff rate of Rs 2,38,000 per MW per month, will significantly contribute to India's energy storage capacity. However, HG Infra reported a 16% decline in its net profit for Q2 FY25 compared to the same period last year. Revenue from operations also decreased by 5.5%, though EBITDA margin showed an improvement, reflecting enhanced operating efficiencies.

Additionally, HG Infra emerged as the lowest bidder for a road project in Gujarat, which involves upgrading a six-lane highway with an elevated corridor on National Highway 47. The project is valued at Rs 781.11 crore and will be completed under the Hybrid Annuity Model (HAM) with a construction period of 2.5 years.