Transaction Overview
Dilip Buildcon Limited has executed definitive agreements on September 18, 2026, with Alpha Alternatives for the divestment of its stake in ten special purpose vehicles (SPVs) undertaking its under-construction solar portfolio. The portfolio is held through DBL Renewable Private Limited (DBRL), a wholly-owned subsidiary of DBL.
Solar Portfolio Details
- Total capacity: 1,363 MW (AC) grid-connected solar photovoltaic portfolio
- Locations: 163 locations across Madhya Pradesh
- Development scheme: Feeder Level Solarization component of the PM-KUSUM Component C scheme
- Power purchase agreements: With Madhya Pradesh Power Management Company Limited (MPPMCL)
- Commercial operations target: September 2027
Financial Details
- Total project cost: Approximately INR 6,263 crore
- Estimated equity investment: Approximately INR 1,253 crore
- Transaction enterprise value: Approximately INR 6,829 crore
- Equity funding ratio during construction: DBRL (51%) and Alpha Alternatives (49%)
- Funding mechanism: Through various instruments across multiple tranches during construction period
Transaction Structure
DBRL and Alpha Alternatives will fund the equity portion of the project cost in the ratio of 51:49 during the construction period. Upon completion of the portfolio, DBL's remaining 51% stake will also be acquired by Alpha Alternatives led Funds/InVIT. The transaction is subject to pre-agreed closing adjustments and conditions precedent.
Strategic Rationale
The divestment advances DBL's asset-light "DBL 2.0" strategy, enabling capital recycling and balance sheet deleveraging. It represents a value-unlocking opportunity and supports the company's transition from a pure-play EPC contractor to a diversified multi-asset infrastructure platform focused on generating recurring cash flows.
Management Commentary
Mr. Devendra Jain, Managing Director & CEO, stated: "This transaction marks another important milestone in our DBL 2.0 journey as we continue to build a multi-asset infrastructure platform anchored by long-duration, contracted assets. Following the execution of definitive agreements for our Mekhali transmission project, this transaction further builds on our partnership with Alpha Alternatives and 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."
Conditions and Advisors
The transaction is subject to fulfilment of terms and conditions set out in the definitive agreements and receipt of requisite regulatory approvals. JM Financial Limited acted as the exclusive financial advisor to Dilip Buildcon, while Khaitan & Co. acted as the legal advisor to DBL. AZB & Partners acted as the legal advisor to Alpha Alternatives.
Company Background
Dilip Buildcon Limited is a diversified infrastructure company established in 1987 with over three decades of execution experience across large-scale infrastructure development projects in India. The company operates across 20 states and 1 Union Territory, supported by 21,221 employees and over 10,394 equipment units.
About 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.