• Further to the announcement dated August 10, 2026, DBL has on September 18, 2026, executed definitive agreements with Alpha Alternatives for the divestment of its stake in the ten SPVs undertaking its under-construction solar portfolio, held through DBL Renewable Private Limited (“DBRL”). The portfolio has an estimated total project cost of ~INR 6,263 Cr.
  • DBRL and Alpha Alternatives have partnered to fund the equity portion of the project cost in the ratio of 51:49 during the construction period.
  • The funds will be invested in SPVs through various instruments across multiple tranches during the construction period.
  • Upon completion of the portfolio, DBL’s remaining 51% will also be acquired by Alpha Alternatives led Funds/InVIT.
  • The Transaction is valued at an enterprise value of approximately INR 6,829 Cr., subject to pre-agreed closing adjustments and conditions precedent.
  • The proposed divestment advances DBL’s asset-light “DBL 2.0” strategy, enabling capital recycling and balance sheet deleveraging.

National: Dilip Buildcon Limited (NSE: DBL; BSE: 540047) (“Company”/“DBL”), one of India’s leading multi-asset infrastructure companies, today announced the execution of definitive agreements for the divestment of its stake in ten special purpose vehicles (“SPVs”) held through its wholly-owned subsidiary, DBL Renewable Private Limited (“DBRL”), undertaking the Company’s under-construction solar portfolio, to Alpha Alternatives Fund Advisors LLP and/or its affiliates and/or funds managed by Alpha Alternatives Fund Advisors LLP (“Alpha Alternatives”). The total project cost of the solar portfolio is approximately INR 6,263 Cr.

DBRL is engaged in the development, design and engineering of an approximately 1,363 MW (AC) grid-connected solar photovoltaic portfolio across 163 locations in Madhya Pradesh, through ten SPVs. The portfolio is being developed pursuant to power purchase agreements with Madhya Pradesh Power Management Company Limited (“MPPMCL”) under the Feeder Level Solarization component of the PM-KUSUM Component C scheme with commercial operations targeted for September 2027.

Solar Portfolio – Transaction Structure

  • The solar portfolio has an estimated total project cost of approximately INR 6,263 crore, including estimated equity investment of approximately INR 1,253 crore.
  • DBRL and Alpha Alternatives will fund the equity portion of the project cost in the ratio of 51:49 during the construction period.
  • The transaction is valued at an enterprise value of approximately INR 6,829 Cr., subject to pre-agreed closing adjustments and conditions precedent.
  • Commercial operations across the portfolio are targeted to commence around September 2027.

The divestment represents a value-unlocking opportunity for DBL and is aligned with the Company’s strategy of building an asset-light, multi-asset development platform focused on generating recurring cash flows and enabling capital recycling for reinvestment in new opportunities. The transaction also supports the Company’s continued efforts to deleverage and strengthen its balance sheet, while further deepening its existing long-term partnership with Alpha Alternatives.

Speaking on the development, Mr. Devendra Jain, Managing Director & CEO, Dilip Buildcon Limited, said, “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”

The transaction is subject to the fulfilment of the terms and conditions set out in the definitive agreements and the receipt of requisite regulatory approvals.

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

AZB & Partners acted as the legal advisor to Alpha Alternatives.