Dilip Buildcon has executed definitive agreements for the divestment of its stake in ten special purpose vehicles (SPVs) held through its wholly owned subsidiary DBL Renewable to Alpha Alternatives Fund Advisors LLP and its affiliates or funds managed by the firm. According to the latest stock exchange filing, the transaction was executed on September 18, 2026, with the transaction valued at an enterprise value of approximately ₹6,829 crore, subject to pre-agreed closing adjustments and conditions precedent. Upon completion of the portfolio, Alpha Alternatives-led funds or an infrastructure investment trust (InvIT) will acquire DBL's remaining 51% stake, as reported in the company's filing.
The divested portfolio represents an approximately 1,363 MW (AC) grid-connected solar photovoltaic portfolio across 163 locations in Madhya Pradesh, developed through ten SPVs. As reported in the latest filing, the total project cost of the solar portfolio is approximately ₹6,263 crore, including an estimated equity investment of approximately ₹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, with the equity requirement estimated at around ₹1,253 crore and will be invested in the SPVs through various instruments and multiple tranches. The portfolio is being developed pursuant to power purchase agreements with Madhya Pradesh Power Management Company (MPPMCL) under the feeder level solarization component of the PM-KUSUM Component C scheme, with commercial operations targeted for September 2027.
The divestment represents a value-unlocking opportunity for DBL and aligns with the company's strategy of building an asset-light, multi-asset development platform focused on generating recurring cash flows. The transaction is part of Dilip Buildcon's strategy to build an asset-light infrastructure platform focused on contracted assets and recurring cash flows, enabling capital recycling into new opportunities while strengthening the balance sheet. JM Financial acted as the exclusive financial advisor to DBL for the transaction, while Khaitan & Co. acted as the legal advisor to DBL, and AZB & Partners acted as the legal advisor to Alpha Alternatives, as reported by The Economic Times.
Devendra Jain, managing director & CEO, Dilip Buildcon, stated that this transaction marks another important milestone in their DBL 2.0 journey. As reported in the company's filing, the transaction further builds on their partnership with Alpha Alternatives and enables early capital recycling while maintaining disciplined focus on strengthening their balance sheet and building a more asset-light business. The company emphasized that this transaction marks another important milestone in their DBL 2.0 journey as they continue to build a multi-asset infrastructure platform anchored by long-duration, contracted assets.
Dilip Buildcon reported a consolidated net profit decline of 50.67% to ₹112.95 crore on a 9.26% fall in revenue to ₹2,377.78 crore in Q1 FY27 compared with Q1 FY26. According to CNBC TV18, the company's shares were trading 1.21% lower at ₹420.35 on the NSE at 3:17 p.m. Monday following the announcement. The divestment is expected to help the road builder recycle capital and reduce debt, supporting the company's financial restructuring efforts.
