Transaction Details

  • Execution Date: Definitive agreements executed on September 8, 2026
  • Counterparty: Alpha Alternatives
  • Asset: 51.0% equity stake in Mekhali Power Transmission Limited
  • Project Type: Under-construction power transmission project
  • Location: Belagavi District, Karnataka
  • Project Specifications: 400 kV/220 kV sub-station with approximately 470 circuit kilometers of transmission lines
  • Development Basis: Build-own-operate-transfer (BOOT) basis under tariff-based competitive bidding (TBCB) route
  • Agreement: Transmission Service Agreement dated May 30, 2026 with Karnataka Power Transmission Corporation Limited (KPTCL)
  • Commercial Operations Target: Mid-2028

Financial Details

  • Total Project Cost: Approximately ₹2,171 crore
  • Total Equity Investment: Approximately ₹429 crore
  • Equity Funding Ratio: DBL (51%) and Alpha Alternatives (49%)
  • Enterprise Value: Approximately ₹2,914 crore for the buyout of DBL's 51% stake
  • Valuation Basis: Subject to pre-agreed closing adjustments and conditions precedent

Transaction Structure

  • Alpha Alternatives will fully acquire DBL's 51.0% equity stake after project commissioning
  • The buyout is based on guidelines of applicable agreements
  • Transaction subject to fulfilment of terms and conditions in definitive agreements
  • Requisite regulatory approvals required

Strategic Rationale

  • Advances DBL's asset-light "DBL 2.0" strategy
  • Enables capital recycling and balance sheet deleveraging
  • Supports building an asset-light, multi-asset development platform
  • Focuses on generating recurring cash flows
  • Deepens existing long-term partnership with Alpha Alternatives

Management Commentary

Mr. Kaushal Biyani, Senior Partner and Head, Private Markets, Alpha Alternatives: "This transaction execution 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."

Mr. Devendra Jain, Managing Director & CEO, Dilip Buildcon Limited: "This transaction execution marks an important milestone in our DBL 2.0 journey as we build a multi-assets infrastructure platform anchored by long-duration, contracted assets. Our partnership with Alpha Alternatives enables us to recycle capital early in the asset lifecycle."

Advisors

  • Financial Advisor to DBL: JM Financial Limited (exclusive)
  • Legal Advisor to DBL: Khaitan & Co
  • Legal Advisor to Alpha Alternatives: AZB & Partners

Additional Information

  • The information will be available on the company website: www.dilipbuildcon.com
  • The press release contains forward-looking statements subject to risks and uncertainties
  • The company undertakes no obligation to update forward-looking statements