The nine-metre bronze statue of King Vikramaditya stands on Vikram Teela, a raised mound behind the Mahakaleshwar Temple complex. Vikramaditya — one of Indian history's most legendary rulers, possibly a composite figure — made Ujjain his capital and presided over a court that the tradition credits with a golden age of Sanskrit literature and science.
The statue is relatively recent (inaugurated in 2016) but the mound it stands on is ancient — archaeological layers here go back to the early historical period, and the view from the top takes in the Kshipra and the temple towers. The location is significant because the original Ujjain of Vikramaditya's era, Ujjayini, occupied this central position along the river.
The adjacent area is part of the active Mahakaleshwar temple complex and is busy with pilgrims. The statue is most impressive at dusk, when it is lit and the Kshipra catches the last light behind it.