Alpha Alternatives
to fully acquire DBL's 51 percent equity stake on project commissioning
Mumbai: Dilip Buildcon Limited
(DBL) has executed definitive agreements with Alpha Alternatives for the
divestment of its stake in Mekhali Power Transmission Limited (MPTL), the
special purpose vehicle developing the company's under-construction power
transmission project in Karnataka. The divestment represents a value-unlocking
opportunity for DBL.
MPTL is developing a 400 kV
sub-station along with approximately 470 circuit kilometres of transmission
lines in Belagavi district, with a total estimated project cost of around
₹2,171 crore.
Under the arrangement, DBL and
Alpha Alternatives are funding the project's equity portion in a 51:49 ratio,
with total estimated equity investment of approximately ₹429 crore. Alpha
Alternatives has agreed to fully acquire DBL's 51 percent equity stake once the
project is commissioned, in a buyout valued at an enterprise value of
approximately ₹2,914 crore, subject to pre-agreed closing adjustments and
conditions precedent.
The project is being developed on
a build-own-operate-transfer (BOOT) basis under a transmission service
agreement with Karnataka Power Transmission Corporation Limited, with
commercial operations targeted around mid-2028.
Mr. Devendra Jain, Managing
Director & CEO, Dilip Buildcon Limited, said, “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 across this transmission
project 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.”
Mr. Kaushal Biyani, Senior
Partner and Head, Private Markets, Alpha Alternatives, said, “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 highquality, long-term infrastructure
assets and see strong growth potential in India’s power and renewable energy
sectors. We are committed to supporting India’s infrastructure development
while creating sustainable, long-term value for our investors.”
DBL's asset monetisation
partnership with Alpha Alternatives spans three infrastructure categories,
roads and highways, renewable energy and power transmission. The roads
portfolio has been transferred through Anantam Highways InvIT, while DBL's
under-construction solar portfolio and Mekhali Power Transmission project are
being monetised through Alpha Alternatives' infrastructure investment platform.
DBL shares opened at an intraday high
of ₹439.70, up by about 12% with the previous closing at ₹393.