Last Updated on December 26, 2025 by Author
LNJ Bhilwara Group, one of India’s leading business conglomerates with a strong presence in the renewable energy sector, through its power sector arm M/s Bhilwara Energy Limited, has entered into a Share Purchase Agreement to acquire 100% equity shares of M/s Mandakini Jal Urja Private Limited from M/s Statkraft IH Holding AS, subject to customary conditions precedent.
Upon completion of the transaction, Bhilwara Energy Limited will become the sole owner of the company, marking a significant step in strengthening its hydropower portfolio in India and also marking its presence in the development of the Hydro Power Project in Uttarakhand.
The acquisition includes the 76 MW Phata Byung Hydroelectric Project, a run-of-the-river hydroelectric project currently under construction and located in the Rudraprayag district, Uttarakhand. The project is a strategic addition to Bhilwara Energy’s renewable portfolio and aligns with the Group’s long-term vision of developing reliable, sustainable, and indigenous power generation assets across India.
Speaking about the development, Mr. Riju Jhunjhunwala, Managing Director, 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.”
With this acquisition, Bhilwara Energy Limited reinforces its commitment to expanding India’s renewable energy capacity through focused investments in hydropower and continues to play a meaningful role in advancing the country’s sustainable growth and clean energy objectives.
Commenting on the acquisition, Fernando de Lapuerta, Executive Vice President International at Statkraft, said, “This divestment is aligned 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 Limited, 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. I am also glad that this offers new opportunities for our competent employees following the transaction.”
Ernst & Young LLP acted as the exclusive sell-side M&A banker, with Cyril Amarchand Mangaldas acting as legal advisor to Statkraft. Singhania & Co. acted as legal advisors to Bhilwara Energy.
