Dilip Buildcon Executes Agreement with Alpha Alternatives to Divest Mekhali Power Transmission Stake
Bhopal, September 10, 2026: Infrastructure developer Dilip Buildcon Limited (DBL) has executed definitive agreements with asset management firm Alpha Alternatives for the divestment of its stake in Mekhali Power Transmission Limited (MPTL), the special purpose vehicle executing a power transmission project in Karnataka. The transaction forms part of DBL’s ongoing capital recycling and asset monetisation strategy, the company said in a press release.
MPTL is developing a 400 kV sub-station along with approximately 470 circuit kilometres of transmission lines in Belagavi district, carrying a total estimated project cost of Rs 2,171 crore. The asset is being constructed on a build-own-operate-transfer (BOOT) basis under a transmission service agreement with Karnataka Power Transmission Corporation Limited, with commercial operations targeted for mid-2028.
Under the current structure, DBL and Alpha Alternatives are funding the estimated Rs 429 crore equity portion in a 51:49 ratio. Upon project commissioning, Alpha Alternatives will acquire DBL’s 51 percent equity holding in a buyout valued at an enterprise value of approximately Rs 2,914 crore, subject to closing adjustments and conditions precedent.
Commenting on the transaction, Dilip Buildcon Limited Managing Director & CEO Devendra Jain 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.”
Highlighting the partnership, Alpha Alternatives Senior Partner and Head of Private Markets Kaushal Biyani 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.”
The collaboration between DBL and Alpha Alternatives covers roads and highways, renewable energy, and power transmission assets. Following the deal announcement, DBL shares opened at an intraday high of Rs 439.70, up approximately 12 percent from the previous close of Rs 393.
