LNJ Bhilwara Group, through its renewable energy subsidiary Bhilwara Energy, has signed a Share Purchase Agreement to acquire 100% equity of Mandakini Jal Urja from Statkraft IH Holding AS. The acquisition, subject to customary conditions precedent, will make Bhilwara Energy the sole owner of the 76 MW Phata Byung run-of-river hydroelectric project, currently under construction in Rudraprayag district, Uttarakhand. This strategic move strengthens Bhilwara Energy’s presence in India’s hydropower sector and marks an important step in expanding the Group’s renewable energy portfolio.
The Phata Byung project, once operational, will contribute clean, reliable electricity under environmentally responsible standards, furthering India’s efforts to transition toward renewable energy. The project aligns with Bhilwara Energy’s long-term vision of developing sustainable and indigenous power generation assets across the country. By integrating this hydropower project into its portfolio, the Group aims to support India’s energy security and low-carbon goals while providing value to local communities and stakeholders.
Riju Jhunjhunwala, Managing Director of Bhilwara Energy, said, “This acquisition reflects LNJ Bhilwara Group’s continued commitment to building high-quality renewable energy assets that contribute meaningfully to India’s clean energy transition. This project strengthens our hydropower portfolio and reinforces our long-term approach of investing in dependable, environmentally responsible power infrastructure. We look forward to completing the transaction and accelerating the project towards timely commissioning.”
Fernando de Lapuerta, Executive Vice President International at Statkraft, added, “This divestment aligns with our global strategy to streamline the international portfolio and focus on select core markets. As we exit India, we are confident that Bhilwara Energy, our partners for two decades, has the capability and long-term vision to take the Phata Byung Hydroelectric Project forward and deliver value from the asset. This transaction also opens new opportunities for our skilled employees following the handover.”
The acquisition underscores LNJ Bhilwara Group’s commitment to expanding renewable energy capacity in India, with a focus on hydropower as a stable and sustainable energy source. Bhilwara Energy aims to ensure the timely commissioning of the Phata Byung project while maintaining high environmental and operational standards. This strategic addition strengthens the Group’s renewable energy capabilities and enhances its role in supporting India’s sustainable growth and transition to a low-carbon economy.
With this acquisition, LNJ Bhilwara Group continues to advance its vision of delivering reliable, indigenous, and environmentally responsible power solutions while contributing to India’s clean energy targets and long-term energy security.
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