Khaitan & Co. Advises Dilip Buildcon on Divestment of 49% Stake in 1,363 MW Solar Portfolio

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Published 15 October 2026

Bottom Line Up Front (BLUF)

Khaitan & Co. advised Dilip Buildcon Limited on the proposed divestment of a 49% equity stake in ten special purpose vehicles, holding a 1,363 MW solar portfolio in Madhya Pradesh, to Alpha Alternatives Fund Advisors LLP. The transaction involves an estimated enterprise value of ₹6,829 crore, marking a significant move in the renewable energy sector.

Ratio Decidendi · Legal Principle Established

This news report details a corporate advisory transaction and does not involve a judicial decision or establish a legal principle. Therefore, there is no ratio decidendi in the context of a court ruling.

Practice & Procedural Impact for Advocates

For corporate and M&A practitioners, this highlights active deal flow in the renewable energy sector, particularly in solar power. It underscores the complexity of advising on multi-SPV divestments and the valuation considerations for large-scale infrastructure assets. Advocates should note the continued interest in strategic investments in green energy.

Key Legal Takeaways

1Significant M&A activity in India's renewable energy sector, specifically solar.
2Complex divestment structures involving multiple Special Purpose Vehicles (SPVs).
3High enterprise valuations for large-scale solar portfolios.
4Khaitan & Co.'s role as a leading advisor in major corporate transactions.

The Legal Issue This report concerns a significant corporate transaction rather than a legal issue decided by a court. The core of the matter is the proposed divestment by Dilip Buildcon Limited of a 49% equity stake in ten Special Purpose Vehicles (SPVs) to Alpha Alternatives Fund Advisors LLP. These SPVs collectively hold a substantial 1,363 MW (AC) solar power portfolio located in Madhya Pradesh. Such transactions typically involve intricate legal considerations related to corporate law, contract law, regulatory compliance, and due diligence.

Court's Reasoning As this is a news report about a corporate advisory role and not a judicial decision, there is no court's reasoning to analyze. The information provided focuses on the advisory services rendered by Khaitan & Co. in facilitating this large-scale divestment. The firm's role would have involved drafting and negotiating transaction documents, conducting legal due diligence, and ensuring compliance with relevant corporate and energy sector regulations.

Why It Matters This transaction is significant for several reasons. Firstly, it underscores the robust investment climate in India's renewable energy sector, particularly solar power, attracting substantial capital from funds like Alpha Alternatives. Secondly, it highlights the strategic importance of Madhya Pradesh as a hub for solar energy projects. Thirdly, for legal professionals, it exemplifies the complex advisory work involved in structuring and executing multi-entity divestments with high enterprise values (estimated at ₹6,829 crore). The involvement of a prominent law firm like Khaitan & Co. in such a deal further emphasizes the specialized legal expertise required for large-scale infrastructure and energy transactions.