Bondada Acquires 60% Stake In Onix IPP; Shares Rise 0.95%

Mumbai July, 27: Bondada Engineering Ltd has acquired a 60% controlling stake in Onix IPP Private Ltd, giving the company majority ownership of a 225 MW AC solar power portfolio in Maharashtra and marking a strategic expansion into renewable energy asset ownership.

The acquisition has been completed through the purchase of 6,000 equity shares with a face value of ₹10 each for cash consideration, according to the company’s regulatory disclosure. Bondada said all required approvals have already been obtained.

Onix IPP is a special purpose vehicle formed to implement an aggregate 225 MW AC solar photovoltaic project under the Mukhyamantri Saur Krushi Vahini Yojana 2.0. The project falls under Component C of the PM-KUSUM scheme and is designed for feeder-level solarisation in Maharashtra.

The SPV has a 25-year power purchase agreement with Maharashtra State Electricity Distribution Company Ltd, providing a long-duration contracted offtake arrangement.

Bondada estimates the project will generate annual revenue of approximately ₹150.48 crore once operational under the contracted framework.

Stock Market Snapshot

Bondada Engineering share price stood at ₹309.25 as of 2:00 PM IST on July 27, 2026, according to the market data provided.

Based on the chart’s previous reference level of roughly ₹306.35, the stock was trading about 0.95% higher at the latest timestamp.

The shares had a volatile session. After moving above ₹312 shortly after the opening, the stock reversed sharply and briefly fell below ₹305. It subsequently recovered and spent much of the session in a relatively narrow band around ₹306 to ₹308.

Buying strengthened again towards 2 PM, taking the counter back above ₹309.

Acquisition Adds Annuity-Based Renewable Energy Revenue

The transaction changes Bondada’s exposure to the solar sector in an important way. Rather than being limited to project execution, the acquisition gives the company a controlling interest in an independent power producer asset backed by a long-term PPA.

Bondada said the transaction fits its strategy of building a renewable energy IPP portfolio capable of generating predictable, annuity-based revenue.

The recurring income from the Onix IPP portfolio is also expected to complement Bondada Group’s existing annuity income from its Battery Energy Storage System assets, according to the disclosure.

The company has therefore added a contracted solar generation asset to its broader infrastructure portfolio, with the 25-year MSEDCL agreement providing long-term revenue visibility.

The acquisition is not classified as a related-party transaction.

Conclusion

Bondada Engineering’s acquisition of 60% of Onix IPP gives it controlling ownership of a 225 MW AC solar portfolio with a 25-year power purchase agreement and estimated annual revenue of approximately ₹150.48 crore.

The transaction also advances Bondada’s move towards owning renewable energy assets that can produce recurring cash flows alongside its project execution businesses. Bondada shares were at ₹309.25 as of 2:00 PM IST on July 27, 2026, about 0.95% above the chart’s previous reference level. 

Source:

• https://www.bseindia.com/stock-share-price/bondada-engineering-ltd/bondada/543971
• https://www.bseindia.com/xml-data/corpfiling/AttachLive/48494e95-2a52-44f4-af5c-548bf40e0e24.pdf