Vikran Engineering Secures ₹49.15 Cr Inter-Corporate Loan From Onix Renewable

Vikran Engineering has recently entered into an inter-corporate loan agreement with Onix Renewable to borrow ₹49.15 crore at an interest rate of 15% per annum.

In a regulatory filing, the company informed that the repayment is to be made on demand, at the sole discretion of the lender, which may call for the full or partial repayment of the loan, with or without notice.

Previous Collaboration

Previously, Onix Solar secured a Letter of Intent (LoI) from Vikran Engineering to supply Non-DCR TOPCon 620 Wp solar modules. Onix Solar secured an order worth ₹148.80 crore, excluding GST, from Vikran, an emerging multi-sector engineering, procurement, and construction (EPC) company. At under ₹13 per watt, the pricing is in line with prevailing market rates for non-DCR modules.

This latest order indicates the company’s push to execute projects requiring Non-DCR modules ahead of the government’s 2026 deadline for exclusively using DCR modules. Additionally, it allows developers to benefit from significantly lower procurement costs, thereby improving project internal rates of return (IRRs) before ALMM-linked restrictions return.

Additionally, the company has recently incorporated a Special Purpose Vehicle (SPV) to develop solar infrastructure projects and to carry on the business of the generation, accumulation, distribution, and supply of electricity, and to generally deal in power-related activities.

Vikran explained that the project forms part of a Letter of Award (LoA) received on December 25, 2025, from NTPC Renewable Energy Limited, valued at ₹459.20 crore, for undertaking EPC of a 400 MW AC solar project on a Balance of System (BoS) basis at Chitrakoot-1, Uttar Pradesh.