LNJ Bhilwara Energizes Portfolio with Hydro Power Acquisition

LNJ Bhilwara Group announced the acquisition of a 100% stake in Mandakini Jal Urja, aiming to boost its hydropower portfolio. The acquisition, from Statkraft IH Holding AS, is subject to standard conditions. This move aligns with Bhilwara's commitment to sustainable power infrastructure.

On Thursday, the diversified LNJ Bhilwara Group reported signing an agreement to acquire a complete stake in Mandakini Jal Urja, which is currently constructing a 76 MW hydroelectric project in Uttarakhand. The deal was agreed upon for an undisclosed amount.

The acquisition, conducted through the group company Bhilwara Energy, involves purchasing all equity from Statkraft IH Holding AS. However, the agreement is subject to customary conditions precedent. Once concluded, Bhilwara Energy will fully own Mandakini Jal Urja, which is developing the Phata Byung run-of-river hydro project in Rudraprayag district.

Managing Director Riju Jhunjhunwala emphasized that the acquisition amplifies their hydropower assets and supports their strategy for investing in eco-friendly power infrastructure. Meanwhile, Statkraft's Executive Vice President, Fernando de Lapuerta, noted that this divestment aligns with their strategy to focus on core markets while exiting India.