Bhilwara Energy Limited, the power sector arm of the LNJ Bhilwara Group, has signed a Share Purchase Agreement to acquire the entire equity stake in Mandakini Jal Urja Private Limited from Statkraft IH Holding AS, subject to standard closing conditions. Following completion of the transaction, Bhilwara Energy will assume full ownership of the company, strengthening its position in India’s hydropower sector and establishing a direct development presence in Uttarakhand.
The acquisition covers the 76 MW Phata Byung Hydroelectric Project, a run-of-the-river facility currently under construction in the Rudraprayag district of Uttarakhand. Once completed, the project will become a key addition to Bhilwara Energy’s renewable energy portfolio and aligns with the Group’s long-term focus on building dependable and sustainable domestic power generation assets.
Commenting on the transaction,Riju Jhunjhunwala, Managing Director of Bhilwara Energy Limited, said the move reflects the Group’s continued investment in high-quality renewable infrastructure that supports India’s clean energy goals. He added that the project enhances the company’s hydropower portfolio and underlines its commitment to environmentally responsible development, with a focus on timely completion and commissioning. The acquisition reinforces Bhilwara Energy’s strategy of expanding renewable capacity through targeted investments in hydropower, contributing to India’s broader sustainability and energy transition objectives.
Fernando de Lapuerta, Executive Vice President – International at Statkraft, said the divestment aligns with the company’s global portfolio optimisation strategy. He expressed confidence in Bhilwara Energy’s ability to successfully take the project forward and noted that the transaction would also create future opportunities for employees associated with the project.
Ernst & Young LLP served as exclusive sell-side financial advisor, with Cyril Amarchand Mangaldas acting as legal counsel to Statkraft. Singhania & Co advised Bhilwara Energy on the transaction. Founded in 1961, the LNJ Bhilwara Group is a diversified Indian conglomerate with operations across textiles, graphite electrodes, power generation, IT-enabled services, and other sectors. Through Bhilwara Energy Limited, the Group has developed and operated multiple renewable energy projects, with a strong focus on hydropower and sustainable development.
Statkraft is an international leader in hydropower and Europe’s largest producer of renewable energy. Its portfolio includes hydropower, wind, solar, gas-based power, and district heating solutions. Statkraft operates in more than 20 countries and employs approximately 7,000 people worldwide.
