New Delhi, Sept. 10 -- Mumbai-based asset manager Alpha Alternatives Fund Advisors LLP has signed a final deal to buy a company that is building a power transmission project in Karnataka from infrastructure developer Dilip Buildcon Ltd.
The transmission project, being built by Mekhali Power Transmission Ltd (MPTL), is expected to cost around Rs 2,171 crore ($227.6 million), Dilip Buildcon said in a stock exchange filing.
The infrastructure company and the asset manager are splitting the equity funding for the project in a 51:49 ratio, adding up to about Rs 429 crore between them. Once the project is up and running, Alpha Alternatives will buy Dilip Buildcon's 51% stake at a valuation of around Rs 2,914 crore.
The final value could change based on conditions agreed between the two companies before the deal closes.
The agreement builds on a larger plan the Dilip Buildcon board approved on August 10, covering both MPTL and a solar power business, DBL Renewable Pvt Ltd. Together, the two projects were valued at Rs 8,400 crore.
It's not yet clear whether the solar sale has also been finalised.
Bhopal-based Dilip Buildcon previously said this arrangement eases the funding pressure on its own balance sheet while the projects are under construction, which fits with its broader push to cut debt and free up capital.
MPTL is building a large power sub-station and roughly 470 km of transmission lines in Karnataka's Belagavi district. Under the terms of its deal with state utility Karnataka Power Transmission Corporation Ltd, Dilip Buildcon will build, own and run the project for a fixed period before handing it over to KPTCL, which will be the sole buyer of the power capacity throughout. The project is expected to become operational around mid-2028.
The deal is the latest step in a broader tie-up between Dilip Buildcon and Alpha Alternatives that now spans roads, renewable energy and power transmission. Dilip Buildcon's road projects have already been moved into Anantam Highways Trust, an infrastructure investment trust backed by Alpha Alternatives that listed on stock exchanges in October 2025.
Dilip Buildcon is a large infrastructure company working across 20 states and one union territory in India. Its business spans roads and highways, rail and metro projects, airports, mining, irrigation, tunnels, urban development, renewable energy and power transmission, according to the company. It employs more than 21,000 people and runs a fleet of over 10,000 pieces of equipment, the company says.
Alpha Alternatives is a Mumbai-based investment firm set up in 2013 that manages money across a range of alternative strategies, with a growing focus on infrastructure and real assets. Besides backing Anantam Highways Trust, it also runs the investment vehicle Build India Infrastructure Fund.
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Published by HT Digital Content Services with permission from VC Circle.