Bondada Engineering Limited has acquired a 60% equity stake in Onix IPP Private Limited, thereby securing a controlling interest in a 225 MW (AC) solar power portfolio. This strategic move positions the company to generate predictable annuity-based revenues from a government-backed agricultural feeder solarisation programme in Maharashtra. The acquisition complements the group’s existing annuity income from Battery Energy Storage System (BESS) assets, strengthening its portfolio of steady and recurring cash flows.
The transaction was disclosed on July 27, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI master circular for Compliance Circular No. HO/49/14/14(7)-CFD-POD2/1/3762/2026 dated July 11, 2023. The company confirmed that all requisite regulatory and governmental approvals have been obtained, and the acquisition is completed.
Onix IPP Private Limited serves as the Special Purpose Vehicle (SPV) for the implementation of the solar power project under Mukhyamantri Saur Krushi Vahini Yojana 2.0. This initiative operates under Component C of the PM-KUSUM Scheme in the State of Maharashtra. The SPV holds a power purchase agreement (PPA) with Maharashtra State Electricity Distribution Company Limited (MSEDCL) for a period of 25 years. The agreement secures an estimated annual revenue of approx. INR 150.48 Crs.
The acquisition structure involved a cash consideration for 6000 shares at a face value of Rs.10 each. This transaction grants Bondada Engineering Limited 60% of the paid-up equity share capital of Onix IPP Private Limited, establishing it as the majority shareholder. The deal is not classified as a related party transaction.
The transaction involves the acquisition of a 60% stake in Onix IPP Private Limited, which owns a 225 MW (AC) solar power project developed under the PM-KUSUM Scheme (Component C). The project has a power offtake agreement with Maharashtra State Electricity Distribution Company Limited (MSEDCL) for a period of 25 years. The project is expected to generate an estimated annual revenue of approximately INR 150.48 crore, strengthening the company’s presence in India’s renewable energy sector and expanding its portfolio of solar assets.
The acquisition marks a significant step in Bondada Group’s objective to establish a presence in renewable energy asset ownership and creation. By integrating this 225 MW solar portfolio, the company diversifies its revenue streams beyond its core engineering operations. The long-term nature of the PPA with MSEDCL provides visibility into future cash flows, aligning with the group’s focus on stable, recurring income sources. This addition to the renewable energy IPP portfolio enhances the company’s balance sheet resilience through low-risk, government-backed assets.
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