Hazoor Multi Projects Ltd. has secured a substantial contract valued at Rs 913 crore from Apollo Green Energy, formerly Apollo International, for the development of a 200 MW grid-connected solar photovoltaic (PV) project in Gujarat. This significant award, announced on July 5, 2025, marks a notable diversification for Hazoor, a company primarily engaged in real estate and road construction, as the order value surpasses its current market capitalization of Rs 866 crore.
The project is slated for execution within the Gujarat State Electricity Corporation’s (GSECL) Renewable Energy Solar Park, specifically at the Khavda (Stage-3) site. According to a regulatory filing, the comprehensive scope of work encompasses the design, supply, construction, testing, and commissioning of the solar power facility. The company anticipates completing the project by March 2026, aligning with India's aggressive renewable energy deployment targets.
Hazoor Multi Projects clarified that the transaction was conducted on an arm’s length basis, with no related party interests involving its promoters or group entities in Apollo Green Energy. This ensures transparency and adherence to corporate governance standards in the execution of this large-scale infrastructure project.
Despite this major contract win, Hazoor Multi Projects recently reported a challenging financial quarter. For the fourth quarter of FY25, the company's consolidated net profit saw a 68.9% decline to Rs 16.78 crore, while net sales decreased by 46.2% year-on-year to Rs 249.47 crore. This solar project, therefore, represents a strategic pivot and a significant new revenue stream, potentially offsetting declines in its traditional business segments.
The Khavda Solar Park is one of the world's largest renewable energy zones, crucial for India's ambition to achieve 500 GW of non-fossil fuel energy capacity by 2030. Hazoor's entry into this high-growth sector underscores the increasing participation of diverse infrastructure players in the nation's clean energy transition, reflecting a broader trend of cross-sector investment driven by favorable policy environments and burgeoning market demand for sustainable power solutions.