Original Order Details
- Counterparty: Ellume Energy MH Solar One Private Limited (SPV)
- Order Value: ₹354.21 crore
- Nature of Contract: Turnkey Engineering, Procurement, and Construction (EPC) Contract for a 100 MW AC Solar Power Project in Maharashtra
- Date of Acceptance: Letter of Award (LOA) was accepted on 24th October 2025
Reasons for Cancellation
The Company has decided not to proceed with the order based on a detailed internal evaluation. The cancellation is primarily due to prolonged delays in achieving necessary project readiness milestones at the client's end. Specifically, the client was unable to provide within expected timelines:
- The required Power Purchase Agreement (PPA)
- Work commencement approvals
- Design clearances
- Scope finalization
- Mobilization permissions
These delays resulted in continued uncertainty regarding the project's commencement, rendering the execution of the work order commercially unviable for Vikran Engineering.
Impact Assessment
The cancellation of the work order is stated to be by mutual understanding between Vikran Engineering and Ellume Energy. The Company explicitly states that this development is not expected to have any material adverse impact on its:
- Overall business operations
- Financial performance
- Ongoing operations
- Financial position
- Growth outlook
The Company reiterates its focus on pursuing opportunities that are strategically aligned, execution-ready, and accretive to long-term shareholder value.