Vikran Engineering sets up solar SPV for NTPC project, extends Rs 49.15 crore loan

Vikran Engineering Limited has taken key corporate steps to support its renewable energy execution plans, including the incorporation of a project specific subsidiary for a large solar contract and the extension of an inter corporate loan.

In regulatory filings dated February 3, 2026, the company said it incorporated a wholly owned special purpose vehicle, Vikran MP Solar Private Limited, on January 22, 2026. The SPV has been created to execute a 400 MW AC solar project on a Balance of System basis for NTPC Renewable Energy Limited. The contract, valued at Rs 459.20 crore, was awarded to Vikran Engineering on December 25, 2025.

Vikran MP Solar Private Limited has an authorised capital of Rs 15 lakh and a paid up capital of Rs 1 lakh, fully subscribed by Vikran Engineering. The company’s promoters, Mr Nakul Markhedkar and Mr Vipul Rakesh Markhedkar, are directors on the board of the SPV. Vikran stated that the disclosure of the incorporation was delayed due to technical issues on the Ministry of Corporate Affairs portal.

Separately, Vikran Engineering disclosed that it entered into a loan agreement with Onix Renewable Limited on January 31, 2026. Under the agreement, Vikran has extended a loan of Rs 49.15 crore at an annual interest rate of 15%. The loan is structured as a demand loan and is repayable in full or in part at Vikran’s discretion, with or without notice.

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