Bondada Engineering Limited has acquired a 60% controlling stake in Onix IPP Private Limited (OIPL), marking a major step in the company’s strategy to expand its presence as a renewable energy asset owner. The acquisition gives Bondada control of a 225 MW (AC) solar photovoltaic project being developed under the Mukhyamantri Saur Krushi Vahini Yojana 2.0 in Maharashtra, a flagship programme implemented under Component C of the PM-KUSUM Scheme.
The transaction strengthens Bondada Engineering’s position in India’s renewable energy sector by moving beyond its established engineering, procurement and construction (EPC) business into independent power production (IPP). The company expects the investment to create a stable, long-term revenue stream through ownership of clean energy assets while supporting India’s transition towards sustainable power generation.
The solar project has already secured a 25-year Power Purchase Agreement (PPA) with the Maharashtra State Electricity Distribution Company Limited (MSEDCL). The project is expected to generate annual revenue of around ₹150.48 crore, providing predictable income over the long term.
The project forms part of Maharashtra’s agricultural feeder solarisation initiative, which aims to provide reliable daytime electricity to the farming community through renewable energy. By contributing clean power to the state’s distribution network, the project will help reduce dependence on conventional energy sources while improving power availability for agriculture.
Commenting on the acquisition, Dr Bondada Raghavendra Rao, Chairman and Managing Director of Bondada Group, said the investment marks an important milestone in the company’s growth journey.”This acquisition represents our transformation from a leading EPC company into a renewable energy asset owner with a diversified portfolio of long-term infrastructure assets. The 225 MW solar project strengthens our Independent Power Producer business and establishes a stable annuity-based revenue stream backed by a long-term power purchase agreement. As we continue expanding our renewable energy portfolio, we remain committed to supporting India’s clean energy goals while creating sustainable value for our stakeholders,” he said.
Bondada Engineering plans to further strengthen its renewable energy portfolio by combining solar generation assets with Battery Energy Storage Systems (BESS). The company believes this balanced approach will improve business resilience, generate predictable cash flows and support the growing demand for reliable clean energy solutions.
The acquisition also reflects the company’s long-term commitment to participating in government-led renewable energy programmes that encourage sustainable infrastructure development across the country. By investing in utility-scale solar assets, Bondada aims to contribute to India’s renewable energy capacity while supporting initiatives that benefit rural communities and agricultural consumers.
Founded in 2012, Bondada Engineering Limited has established a strong presence across renewable energy, telecom and railway infrastructure. Headquartered in Hyderabad, the company operates across India, providing EPC and operation and maintenance services through modern manufacturing facilities in Andhra Pradesh and Telangana. Over the years, the company has built a reputation for delivering infrastructure projects with a focus on quality, timely execution and customer satisfaction. With this latest acquisition, Bondada Engineering takes another significant step towards building a diversified clean energy portfolio and strengthening its position in India’s fast-growing renewable energy sector.
