Khaitan & Co a advised Dilip Buildcon Ltd on the divestment of its 49% equity stake in Mekhali Power Transmission Limited (MPTL), a special purpose vehicle undertaking an under-construction 400 kV/220 kV power transmission project in Belagavi District, Karnataka, to Alpha Alternatives Fund Advisors LLP through its affiliates.
Under the transaction, DBL and Alpha Alternatives are to jointly fund the equity portion of the project cost (approximately INR 429 crores) in the ratio of 51:49. Alpha Alternatives has agreed to fully acquire DBL’s entire 51% equity stake post-commissioning of the project, at an enterprise valuation of approximately INR 2,914 crores, subject to pre-agreed closing adjustments and conditions precedent. The power transmission project, with an estimated total project cost of approximately INR 2,171 crores, is being developed on a build-own-operate-transfer (BOOT) basis under a Transmission Service Agreement dated 30 May 2026 with Karnataka Power Transmission Corporation Limited (KPTCL), with commercial operations targeted around mid-2028.
The deal was assisted by:
Corporate & Commercial: Sharad Abhyankar (Partner), Alankrita Singh (Senior Associate), Gauri Jindal (Associate) and Tirthesh Jain (Associate)
The core team for the Transmission Asset Transaction consisted of Akhil Bhatnagar (Partner), Bhavya Bhankharia (Principal Associate) and Palak Sheth (Associate)