Vikran Engineering rises after arm signs Rs 2,941-cr loan agreement with IREDA

Vikran Engineering jumped 12.22% to Rs 62.46 after the company announced that its wholly owned subsidiary, NOPL Solar Projects, had signed a Rs 2,941.19-crore loan agreement with IREDA to partly finance a solar power project in Maharashtra.

The loan agreement was dated 9 October 2026 and disclosed to the stock exchanges on 12 October 2026.

The project involves the development of a 969 MWac/1,163 MWp solar photovoltaic power project across 152 locations in Maharashtra under the Mukhyamantri Saur Krushi Vahini Yojana 2.0 (MSKVY) scheme. The project has an estimated cost of Rs 4,201.70 crore. The remaining project cost is expected to be funded through promoter contributions and other sources, in line with the financing plan.

With the loan agreement in place, financing arrangements have been finalised for the Rs 3,517.98 crore engineering, procurement and construction (EPC) contract awarded by NOPL Solar Projects to Vikran Engineering.

The agreement covers loan disbursement and repayment, creation of security, financial covenants and events of default. IREDA will have no right to nominate directors to Vikran Engineering's board or participate in its management, and the agreement will not affect the company's management or control.

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