Transaction Details
Bondada Engineering Limited has acquired majority equity shareholding in Onix IPP Private Limited (OIPL), obtaining controlling interest in the company. The acquisition represents 60% of the paid-up equity share capital of OIPL.
Consideration and Completion
The acquisition was completed for cash consideration. The company acquired 6,000 shares at face value of ₹10 each. The transaction does not qualify as a related party transaction.
Project Details
The acquisition involves a 225 MW (AC) Solar Photovoltaic Power Project implemented under Mukhyamantri Saur Krushi Vahini Yojana 2.0, which falls under Component C of the PM-KUSUM Scheme in Maharashtra. The project is for implementation of feeder-level solarisation.
Revenue and Contract Details
The Special Purpose Vehicle has a power purchase agreement (PPA) with Maharashtra State Electricity Distribution Company Limited (MSEDCL) for a period of 25 years. The estimated annual revenue from the project is approximately ₹150.48 crore.
Regulatory Approvals
All required regulatory and governmental approvals for the acquisition have already been obtained.
Strategic Rationale
The acquisition aligns with Bondada Group's strategic objective of establishing presence in renewable energy asset ownership and creation. It aims to generate predictable annuity-based revenues that will complement the Group's existing annuity income from Battery Energy Storage System (BESS) assets, strengthening the portfolio of steady and recurring cash flows.
Annexure Details
The filing includes Annexure-A providing additional details as required under Regulation 30 of SEBI LODR Regulations, confirming the transaction completion and specific terms.