India, Nov. 25 -- Ceigall India has received a Letter of Intent (LOI) from REC Power Development and Consultancy (RECPDCL) for the establishment of a 400/220 kV Gas Insulated Substation (GIS) in Velgaon, Maharashtra, under the Tariff Based Competitive Bidding (TBCB) mechanism. The LOI marks a major milestone in strengthening the company's footprint in the high-voltage power transmission sector.The Velgaon GIS project will be completed over a two-year period, followed by a 35-year operation and maintenance term. The company informed that Rs 58.5 crore is the annuity per year for 35 years, against EPC cost of approx. Rs 450 crore.This means long-term recurring cash flows (via PPA) and a stable asset base, which complements more transactional ...