Bondada Engineering Limited ( bondada engineering ) 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.

Transaction Details

Strategic Implications

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.

Bondada Engineering has received approval for energization from the Central Electricity Authority (CEA) for a 300 MW grid-connected solar power project at Khavda, Gujarat. The project is being executed on an Engineering, Procurement and Construction (EPC) basis for NLC India Renewables Limited. This approval paves the way for adding 300 MW of solar power to the grid, marking a significant milestone in the company's renewable energy portfolio.

Project Overview

The CEA approval is a critical regulatory step for the project's energization. The following table summarizes the key details of the development:

Strategic Significance

The Central Electricity Authority is the apex technical body under the Ministry of Power, Government of India. Securing this clearance underscores Bondada Engineering's execution capabilities in delivering large-scale renewable energy infrastructure projects for leading Central Public Sector Enterprises (CPSEs). This achievement reinforces the company's position as a trusted partner in India's clean energy transition.