Diversified conglomerate LNJ Bhilwara Group has signed an agreement to acquire a 100% stake in Mandakini Jal Urja, which is developing a 76 MW hydroelectric project in Uttarakhand, for an undisclosed sum. The acquisition will be executed through the group company Bhilwara Energy, purchasing the entire equity from Statkraft IH Holding AS, subject to customary conditions precedent.
Project Details
Upon completion of the deal, Bhilwara Energy will become the sole owner of the Phata Byung run-of-river hydroelectric project located in Rudraprayag district, Uttarakhand. Financial details of the transaction have not been disclosed.
Riju Jhunjhunwala, Managing Director of Bhilwara Energy, said, “This acquisition strengthens our hydropower portfolio and reinforces our long-term strategy of investing in reliable and environmentally responsible power infrastructure. We look forward to completing the transaction and driving the project towards timely commissioning.”
Strategic Outlook
Fernando de Lapuerta, Executive Vice President International at Statkraft, commented, “This divestment aligns with our global strategy to streamline our international portfolio and focus on core markets. As we exit India, we are confident that Bhilwara Energy has the expertise and vision to successfully advance the Phata Byung project.”
Headquartered in New Delhi, LNJ Bhilwara Group operates across multiple sectors, including power, renewables, graphite, and textiles, and continues to expand its footprint in the renewable energy space through strategic acquisitions.
This acquisition marks a significant step in Bhilwara Energy’s renewable energy expansion, strengthening its position in India’s growing hydropower sector.
