Khaitan & Co advises Dilip Buildcon on power transmission stake sale to Alpha Alternatives
Khaitan & Co has advised Dilip Buildcon Limited on the divestment of its 49% equity stake in Mekhali Power Transmission Limited (MPTL) to Alpha Alternatives Fund Advisors LLP. MPTL is developing a 400 kV/220 kV power transmission project in Belagavi District, Karnataka.
Under the transaction structure, Dilip Buildcon and Alpha Alternatives will jointly fund the project's equity portion (approximately ₹429 crore) in a 51:49 ratio. Alpha Alternatives has committed to fully acquire Dilip Buildcon's entire 51% stake after project commissioning at an enterprise valuation of approximately ₹2,914 crore, subject to agreed adjustments and conditions.
The power transmission project, with an estimated total cost of ₹2,171 crore, is being developed on a build-own-operate-transfer (BOOT) basis. It operates under a Transmission Service Agreement with Karnataka Power Transmission Corporation Limited dated 30 May 2026, with commercial operations targeted for mid-2028.
