Dilip Buildcon Sells Stake in Power and Solar Projects to Alpha Alternatives, Targeting Asset-Light Strategy

Dilip Buildcon Sells Stake in Power and Solar Projects to Alpha Alternatives, Targeting Asset-Light Strategy​

Dilip Buildcon Limited (DBL), a leading multi-asset infrastructure company, has approved the divestment of its stake in two under-construction power projects—a transmission project and a solar portfolio—to Alpha Alternatives Fund Advisors LLP and/or its affiliates. The combined total cost of these assets is approximately ₹8,400 Cr.

The transaction is aimed at advancing DBL's "DBL 2.0" strategy. This strategic shift focuses on building an asset-light, multi-asset development platform, allowing the company to recycle capital and strengthen its balance sheet through deleveraging.

The portfolio being divested includes two separate special purpose vehicles (SPVs): Mekhali Power Transmission Limited and DBL Renewable Private Limited.

Project Portfolio Details

The two projects cover different infrastructure sectors:

• Transmission Project: Mekhali Power Transmission Limited is developing a 400 kilovolt sub-station power transmission project that extends approximately 470 circuit kilometres in Belagavi District, Karnataka.
• Solar Portfolio: DBL Renewable Private Limited has developed a solar portfolio of 1,363 MW (AC) / 1,977 MWp (DC). This portfolio comprises assets across Madhya Pradesh and is aligned with the Feeder Level Solarization component of the PM-KUSUM Component C scheme.

A summary of the assets being sold is provided below:


Transaction Structure and Strategy

The consideration for the transaction will be determined through a phased subscription and closing mechanism. The definitive agreements between the parties are yet to be signed.

DBL stated that this divestment represents a value unlocking opportunity and supports its commitment to deleveraging, while simultaneously deepening its long-term partnership with Alpha Alternatives.

Commenting on the deal, Devendra Jain, Managing Director & CEO of 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."

Kaushal Biyani, Senior Partner and Head of Private Markets at Alpha Alternatives, added that "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."

JM Financial Limited acted as the exclusive financial advisor for Dilip Buildcon for the transaction, while Khaitan & Co served as the legal advisor to DBL.

DBL Stock Price Movement​

Shares of Dilip Buildcon Limited today slipped by 2.66% to settle at ₹442.75, as the stock closed after trading losses. The equity saw high activity during the session, with over 1.89 million shares transacted while it moved within a wide intraday range.