Dilip Buildcon Agrees to Sell Stake in Under-Construction Power Transmission & Solar Projects to Alpha Alternatives
New Delhi – Dilip Buildcon Limited (NSE: DBL; BSE: 540047) (“Company”/”DBL”), one of India’s leading multi-asset infrastructure companies, today announced that its Board of Directors, at its meeting held on August 10, 2026, approved the proposal to divest its stake in Mekhali Power Transmission Limited and DBL Renewable Private Limited, the SPVs undertaking the Company’s under-construction power transmission and solar projects respectively to Alpha Alternatives Fund Advisors LLP and/or its affiliates and/or funds managed by Alpha Alternatives Fund Advisors LLP (“Alpha Alternatives”). The combined total project cost is approximately ₹8,400 Cr.
Mekhali Power Transmission Limited is engaged in developing, designing and engineering a 400-kilovolt sub-station power transmission project extending to approximately 470 circuit kilometres situated in Belagavi District, Karnataka.
DBL Renewable Private Limited is engaged in the development, design and engineering of a 1,363 MW (AC) / 1,977 MWp (DC) solar portfolio, comprising 10 SPVs with solar assets across Madhya Pradesh.
The consideration for the transaction will be determined through a phased subscription and closing mechanism, in accordance with the terms agreed between the parties. The definitive agreements for the transaction are yet to be signed.
The divestment represents a value-unlocking opportunity for DBL and is aligned with the Company’s strategy of building an asset-light, multi-asset development platform focused on generating recurring cash flows and enabling capital recycling for reinvestment in new opportunities. The transaction also supports the Company’s continued efforts to deleverage and strengthen its balance sheet, while further deepening its existing long-term partnership with Alpha Alternatives.
Mr. Kaushal Biyani, Senior Partner and Head, Private Markets, Alpha Alternatives, said, “This transaction reaffirms our confidence in our strategic partner, Dilip Buildcon, and its strong execution capabilities across infrastructure sectors. We continue to deepen our investment in high-quality, long-term infrastructure assets and see strong growth potential in India’s power and renewable energy sectors. We are committed to supporting India’s infrastructure development while creating sustainable, long-term value for our investors.”
Speaking on the development, Mr. Devendra Jain, Managing Director & CEO, Dilip Buildcon Limited, said, “This transaction marks an important milestone in our DBL 2.0 journey as we build a multi-asset infrastructure platform anchored by long-duration, contracted assets. Our partnership with Alpha Alternatives across these transmission and solar projects enables us to recycle capital early in the asset lifecycle, while maintaining our disciplined focus on strengthening our balance sheet and building a more asset-light business.”
The transaction is subject to the execution of definitive agreements, fulfilment of the terms and conditions set out therein, and receipt of requisite regulatory approvals.
JM Financial Limited acted as the exclusive financial advisor to Dilip Buildcon for the transaction, while Khaitan & Co acted as the legal advisor to DBL.
DBL largely operates across multiple verticals, including roads and highways, rail and metro, airports, coal and bauxite mining, ICT, industrial corridors, irrigation, tunnels, special bridges, urban development, renewable energy, power transmission, operations and maintenance, and petroleum and natural gas.
ALPHA ALTERNATIVES
Alpha Alternatives is India’s leading performance-led alternative investment platform, founded in 2013 and headquartered in Mumbai. The firm manages a multi-asset portfolio spanning liquid and illiquid alternative strategies, with a growing focus on infrastructure and real assets. Alpha Alternatives is the sponsor of Anantam Highways Trust, a SEBI-registered InvIT, and manages Build India Infrastructure Fund, a Category II SEBI-registered AIF.
MEKHALI POWER TRANSMISSION LIMITED
Mekhali Power Transmission Limited is developing a 400 kV/220 KV sub-station at Mekhali, along with ~470 ckm of associated transmission lines, in Belagavi District, Karnataka.
The project is being implemented on a build-own-operate-transfer (BOOT) basis under the tariff-based competitive bidding (TBCB) route, pursuant to a transmission service agreement with Karnataka Power Transmission Corporation Limited (KPTCL), which will be the offtaker for the asset over its operating life.
DBL RENEWABLE PRIVATE LIMITED
DBL Renewable Private Limited has a ~1,363 MW (AC) / 1,977 MWp (DC) grid-connected solar photovoltaic portfolio being developed by DBL across 163 locations in Madhya Pradesh, through 10 special purpose vehicles, under the Feeder Level Solarization component of the PM-KUSUM Component C scheme. Power from the project will be supplied under a long-term power purchase agreement (PPA) with Madhya Pradesh Power Management Company Limited (MPPMCL), the offtaker for the portfolio.
FORWARD-LOOKING STATEMENTS
This press release may include forward-looking statements reflecting the Company’s current expectations, estimates, and projections regarding the proposed transaction and its anticipated benefits and timelines. Such statements are not guarantees of future performance and are subject to risks and uncertainties, including the receipt of regulatory approvals and the satisfaction of customary closing conditions, that could cause actual outcomes to differ materially. Dilip Buildcon Limited undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
