Indian engineering, procurement and construction (EPC) firm Vikran Engineering has agreed to acquire a 49% equity stake in NOPL Solar Projects Private Limited for INR49 million (US$508,101).
The transaction supports Vikran’s strategic expansion into India’s agricultural solar segment. NOPL Solar Projects Private Limited develops, operates and maintains solar assets and is linked to a 969MWac grid-connected project in Maharashtra under Component C of the Government of India’s PM-KUSUM scheme.
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Component C targets the solarisation of 3.5 million grid-connected agricultural pumps, enabling farmers to power irrigation with solar energy while exporting surplus electricity to distribution companies (DISCOMs). The scheme offers up to 60% combined central and state subsidies, supporting farmer incomes and reducing reliance on fossil fuels.
“Renewable energy continues to emerge as one of the most compelling long-term opportunities within India’s infrastructure landscape, and this investment enables us to strengthen our foothold in the solar segment. Through this partnership, we aim to capitalise on the expanding solar ecosystem, enhance our project execution capabilities, and create sustainable long-term value for all stakeholders,” said Rakesh Markhedkar, managing director, Vikran Engineering.
Maharashtra-based Vikran Engineering spans across power transmission and distribution, railway electrification, with growing capabilities in solar EPC and smart metering. Vikran has completed 45 projects across 14 states, serving clients including NTPC, Power Grid Corporation of India and state utilities.
