Dilip Buildcon Sells Stake in Under-Construction Power Project to Alpha Alternatives for ₹2,914 Cr.
Dilip Buildcon (DBL) is divesting its stake in Mekhali Power Transmission Limited (MPTL) to Alpha Alternatives. The project has an enterprise value of approximately ₹2,914 crore. DBL and Alpha Alternatives will fund the equity in a 51:49 ratio. This move supports DBL's asset-light strategy and balance sheet deleveraging.
The transaction involves a substantial enterprise value and directly supports the company's strategic shift towards an asset-light model, which is a significant development for its future operations and financial health.
The divestment aligns with DBL's strategic goals of an asset-light model and balance sheet deleveraging, and it involves a significant enterprise value, indicating a positive outcome for the company.
Dilip Buildcon Limited (DBL) has executed definitive agreements with Alpha Alternatives for the divestment of its stake in Mekhali Power Transmission Limited (MPTL), an SPV undertaking an under-construction power transmission project. The total project cost is approximately ₹2,171 crore. DBL and Alpha Alternatives will fund the equity portion of the project cost in a 51:49 ratio, respectively. Alpha Alternatives has agreed to acquire DBL's entire 51.0% equity stake after the project is commissioned. This buyout is valued at an enterprise value of approximately ₹2,914 crore, subject to closing adjustments and conditions. The divestment aligns with DBL's "DBL 2.0" strategy, focusing on an asset-light model, capital recycling, and balance sheet deleveraging. The transmission project involves a 400-kilovolt sub-station and approximately 470 circuit kilometers of transmission lines in Belagavi District, Karnataka, developed under a Transmission Service Agreement with Karnataka Power Transmission Corporation Limited (KPTCL) on a build-own-operate-transfer (BOOT) basis, with commercial operations targeted around mid-2028. The total estimated equity investment is approximately ₹429 crore.
Mr. Devendra Jain, Managing Director & CEO of Dilip Buildcon Limited, stated that this transaction is a milestone in their DBL 2.0 journey, enabling capital recycling and strengthening their balance sheet. Mr. Kaushal Biyani, Senior Partner and Head, Private Markets at Alpha Alternatives, expressed confidence in DBL's execution capabilities and commitment to investing in high-quality infrastructure assets. JM Financial Limited acted as the financial advisor and Khaitan & Co as the legal advisor to DBL, while AZB & Partners advised Alpha Alternatives. The transaction is subject to requisite regulatory approvals and fulfillment of contractual terms.
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Dilip Buildcon Limited filed this with the NSE as a statutory disclosure, categorised under other corporate actions. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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