LNJ Bhilwara Group, through its subsidiary Bhilwara Energy, has signed an agreement to acquire a 100 percent stake in Mandakini Jal Urja, the company developing a 76 MW hydropower project in Uttarakhand.

The acquisition, for an undisclosed amount, involves the purchase of the entire equity holding from Statkraft IH Holding AS and is subject to customary conditions precedent. Once completed, Bhilwara Energy will become the sole owner of the run-of-river Phata Byung Hydroelectric Project located in Rudraprayag district. The deal is expected to strengthen Bhilwara Energy’s renewable portfolio and reflects its focus on long-term investments in clean and reliable power assets.

Riju Jhunjhunwala, Managing Director of Bhilwara Energy, said the acquisition “strengthens our hydropower portfolio and reinforces our long-term approach of investing in dependable, environmentally responsible power infrastructure.” For Statkraft, the divestment aligns with its global strategy to streamline international operations and focus on select core markets. Headquartered in New Delhi, the LNJ Bhilwara Group has diversified interests spanning power, renewables, graphite and textiles.