Bhilwara Energy Limited to Acquire Full Ownership of 76 MW Phata Byung Hydropower Project!

Bhilwara Energy Limited, the power sector arm of the LNJ Bhilwara Group, has signed a Share Purchase Agreement to acquire 100% equity ownership in Mandakini Jal Urja Private Limited from Statkraft IH Holding AS, subject to customary closing conditions. Upon completion of the transaction, Bhilwara Energy will assume full control of the company, reinforcing its strategic presence in India’s hydropower sector and establishing a direct development footprint in Uttarakhand.

The acquisition includes the 76 MW Phata Byung Hydroelectric Project, a run-of-the-river hydropower facility currently under construction in the Rudraprayag district of Uttarakhand. Once commissioned, the project is expected to become a significant addition to Bhilwara Energy’s renewable energy portfolio, supporting the company’s long-term objective of building dependable, domestically located clean power generation assets.

By taking full ownership of the project, Bhilwara Energy strengthens its position in hydropower, a segment valued for its grid stability, long asset life, and role in complementing variable renewable sources such as solar and wind. The Phata Byung project aligns with the Group’s focus on sustainable infrastructure development and is expected to contribute meaningfully to regional power availability once operational.

Commenting on the transaction, Riju Jhunjhunwala, Managing Director of Bhilwara Energy Limited, said the acquisition reflects the Group’s continued commitment to investing in high-quality renewable infrastructure that supports India’s clean energy and energy security goals. He noted that the project enhances Bhilwara Energy’s hydropower portfolio and underscores its focus on environmentally responsible development, with an emphasis on timely completion and commissioning. According to him, the transaction is consistent with the company’s strategy of expanding renewable capacity through targeted investments in hydropower.

From the seller’s perspective, Fernando de Lapuerta, Executive Vice President – International at Statkraft, stated that the divestment aligns with Statkraft’s global portfolio optimisation strategy. He expressed confidence in Bhilwara Energy’s capability to successfully take the project forward and highlighted that the transition would also open future opportunities for employees associated with the project.

The transaction was supported by leading advisors. Ernst & Young LLP acted as the exclusive sell-side financial advisor, while Cyril Amarchand Mangaldas served as legal counsel to Statkraft. Singhania & Co advised Bhilwara Energy on the acquisition.

Founded in 1961, the LNJ Bhilwara Group has evolved into a diversified Indian conglomerate with operations spanning 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 emphasis on hydropower and sustainable development. The acquisition of the Phata Byung project further strengthens Bhilwara Energy’s role in India’s renewable energy transition and its commitment to building long-term, environmentally responsible power assets.