LNJ Bhilwara Group, one of India’s leading and most diversified business conglomerates, has strengthened its position in the renewable energy sector through a major strategic move. Its power arm, Bhilwara Energy Limited, has signed a Share Purchase Agreement to acquire 100% equity in Mandakini Jal Urja Private Limited from Statkraft IH Holding AS. The acquisition is subject to standard closing conditions, after which Bhilwara Energy Limited will become the sole owner of the company. This marks a significant milestone for the Group as it expands deeper into hydropower development, particularly in the state of Uttarakhand.
The acquisition covers the 76 MW Phata Byung Hydroelectric Project, a run-of-the-river hydro project currently under construction in the Rudraprayag district of Uttarakhand. The project is considered an important addition to Bhilwara Energy’s growing renewable energy portfolio. By integrating this asset, the Group aims to further its long-term vision of building sustainable, reliable, and locally developed power generation infrastructure across India. The project also supports the Group’s broader goal of contributing to the nation’s clean energy transition and reducing dependence on fossil fuels.
Commenting on the acquisition, Mr. Riju Jhunjhunwala, Managing Director of Bhilwara Energy, said, “This acquisition reflects LNJ Bhilwara Group’s continued commitment to developing high-quality renewable energy assets that contribute meaningfully to India’s clean energy transition. The addition of the Phata Byung project significantly strengthens our hydropower portfolio and supports our long-term approach of investing in dependable, environmentally responsible power infrastructure. We look forward to completing the transaction and accelerating the project toward timely commissioning.”
The acquisition further reinforces Bhilwara Energy Limited’s commitment to expanding India’s renewable energy capacity, particularly through hydropower. With a focus on sustainable growth, the company aims to play a meaningful and long-term role in strengthening the country’s clean energy infrastructure.
Speaking on the divestment, Fernando de Lapuerta, Executive Vice President International at Statkraft, said, “This divestment aligns with our global strategy to streamline our international portfolio and concentrate on select core markets. As we exit India, we are confident that Bhilwara Energy Limited—our partners for nearly two decades—has the operational capability and long-term vision to take the Phata Byung Project forward and generate significant value from the asset. I am also pleased that this transition opens new opportunities for our skilled employees.”
Ernst & Young LLP served as the exclusive sell-side M&A advisor for the transaction. Cyril Amarchand Mangaldas acted as legal counsel to Statkraft, while Singhania & Co. advised Bhilwara Energy Limited on legal matters.
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