Bondada Engineering (BEL) has acquired a 60% equity stake in Onix IPP, which entitles the company to a controlling interest in a 225 MW solar power project in Maharashtra, under the Mukhyamantri Saur Krushi Vahini Yojana 2.0.

Onix IPP is a special purpose vehicle formed to implement an aggregate 225 MW solar power project as an independent power producer under the Mukhyamantri Saur Krushi Vahini Yojana, for implementation of feeder-level solarization of grid-connected agricultural pumps under Component C of the PM-KUSUM program.

Bondada acquired the majority stake in Onix by purchasing 6,000 shares at face value of ₹10 (~$0.10) each.

Onix IPP has signed a power purchase agreement with the Maharashtra State Electricity Distribution Company for 25 years with estimated annual revenue of ₹1.50 billion (~$15.69 million).

The Hyderabad-based company said the acquisition is in line with Bondada Group’s 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 assets.

In an interview with Mercom India in June, Bondada Raghavendra Rao, Chairman and Managing Director at Bondada Group, said that EPC companies have moved from being construction partners to becoming project integrators. Detailed front-end planning, digital project monitoring, diversified procurement networks, and stronger vendor partnerships have become essential. Procurement decisions are increasingly driven by long-term reliability rather than short-term pricing, he added.

In May, Bondada received multiple orders from Adani Green Energy and Adani Green Energy Six totaling ₹4.7 billion (~$48.9 million) for the balance-of-system package of a 250 MW solar power project in Khavda, Gujarat.

The engineering, procurement and construction company said that its cumulative executed capacity for the Adani Group has reached 975 MW.

Bondada commissioned 69.51 MW of solar projects for three companies during January 2026. The projects were executed for Paradigm IT, Maharashtra State Power Generation Company, and NLC India across multiple locations, including Hingoli, Achalpur, Bhusawal, and Vajiapur in Maharashtra, and Neyveli in Tamil Nadu.

For the nine months ended in FY26, renewable energy accounted for 80% of Bondada Engineering’s revenue mix.