Bondada Engineering Acquires 60 Percent Stake in Onix IPP for 225 MW PM-KUSUM Solar Projects
Bondada Engineering has acquired a 60 percent stake in Onix IPP, securing control of 225 MW solar power projects under Mukhyamantri Saur Krushi Vahini Yojana 2.0, part of Component C of the PM-KUSUM Scheme in Maharashtra, with a 25-year PPA from MSEDCL.
July 27, 2026. By Mrinmoy Dey
The project is being developed under a government-backed agricultural feeder solarisation programme aimed at supplying clean energy to agricultural feeders in the state. OIPL has already signed a 25-year Power Purchase Agreement (PPA) with the Maharashtra State Electricity Distribution Company (MSEDCL).
The project is expected to generate an estimated annual revenue of approximately INR 150.48 crore, providing Bondada with a long-term, predictable revenue stream, stated the company in a regulatory filing.
“This acquisition is in line with Bondada Group’s strategic objective of establishing a presence in renewable energy asset ownership and creation, generating predictable annuity-based revenues. These revenues will complement the Group’s existing annuity income from Battery Energy Storage System (BESS) assets, further strengthening its portfolio of steady and recurring cash flows,” the company said.
As per the regulatory filing, the acquisition has already been completed, with all required regulatory and government approvals in place. The transaction was executed through a cash consideration, with Bondada acquiring 6,000 equity shares at a face value of INR 10 each, representing 60 percent of the paid-up equity share capital of OIPL. The company clarified that the acquisition does not constitute a related-party transaction.
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