Bhilwara Energy signs pact to acquire 76 MW hydro project in Uttarakhand

New Delhi, Dec 25 (PTI) Diversified LNJ Bhilwara Group on Thursday said it has signed an agreement to acquire a 100 per cent stake in Mandakini Jal Urja, which is constructing a 76 MW hydro project in Uttarakhand, for an undisclosed amount.

The agreement has been signed through a group company, Bhilwara Energy, to acquire the entire equity holding from Statkraft IH Holding AS, LNJ Bhilwara Group said in a statement.

However, the acquisition is "subject to customary conditions precedent", it added.

Upon the completion of the transaction, Bhilwara Energy will become the sole owner of Mandakini Jal Urja, which is constructing the 76 MW Phata Byung run-of-river hydroelectric project in Rudraprayag district, Uttarakhand, the group said without sharing any financial details of the deal.

Riju Jhunjhunwala, Managing Director, Bhilwara Energy, said, "This acquisition ...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, 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...has the capability and long-term vision to take the Phata Byung Hydroelectric Project forward and deliver value from the asset".

New Delhi-headquartered LNJ Bhilwara Group operates in many sectors, including power, renewables, graphite, and textiles. PTI ABI ABI BAL BAL