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LNJ Bhilwara Group has signed a definitive agreement to acquire a 100 per cent stake in Mandakini Jal Urja, which is developing a 76 MW hydropower project in Uttarakhand. The acquisition will be carried out through Bhilwara Energy, the Group's energy arm, by purchasing the full equity from Statkraft IH Holding AS. The project, located in Rudraprayag district, is a run-of-river hydroelectric facility aimed at strengthening renewable power generation in the state. Bhilwara Energy said the deal will expand its hydropower portfolio and support its focus on sustainable energy infrastructure. Statkraft stated the divestment aligns with its strategy to streamline international operations. The transaction is subject to customary approvals.
LNJ Bhilwara Group has signed a definitive agreement to acquire a 100 per cent stake in Mandakini Jal Urja, a company engaged in the development of a 76 MW hydropower project in Uttarakhand. The acquisition is being undertaken through Bhilwara Energy, the group's energy arm, and involves the purchase of the entire equity holding from Statkraft IH Holding AS. Financial details of the transaction have not been disclosed. Advertisement
The deal is subject to customary conditions precedent, following which Bhilwara Energy will become the sole owner of Mandakini Jal Urja. The company is currently developing the Phata Byung run-of-river hydroelectric project located in the Rudraprayag district of Uttarakhand. The project is expected to play a meaningful role in enhancing renewable energy generation in the state.
Commenting on the acquisition, Bhilwara Energy's Managing Director, Riju Jhunjhunwala, said the transaction would strengthen the company's hydropower portfolio and reaffirm its long-term commitment to dependable and environmentally responsible energy infrastructure. He added that the company looks forward to completing the acquisition and accelerating the project towards timely commissioning.
From the seller's perspective, Statkraft said the divestment is in line with its global strategy to streamline its international portfolio and focus on select core markets. The company expressed confidence in Bhilwara Energy's ability to take the project forward and unlock its long-term value.
Headquartered in New Delhi, LNJ Bhilwara Group has a diversified presence across sectors including power, renewable energy, graphite and textiles, and continues to expand its footprint in clean and sustainable energy assets.
Source - PTI
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