The LNJ Bhilwara Group has completed the acquisition of Statkraft’s 49% minority stake in Malana Power Company Ltd (MPCL). With this deal, its subsidiary Bhilwara Energy Ltd now holds 100% ownership of the company.
Assets Under the Deal
The acquisition covers Statkraft’s holdings in:
- Malana Hydropower Plant (86 MW)
- Allain Duhangan Hydropower Plant (192 MW)
Both projects, situated in Himachal Pradesh, were being operated as joint ventures between Bhilwara Energy and Statkraft since 2004 (51:49 ownership).
Strategic Rationale
Riju Jhunjhunwala, Managing Director of Bhilwara Energy, highlighted that complete control over MPCL strengthens the Group’s ability to expand in the power sale business and explore new renewable energy opportunities, with innovation and growth at the center of its strategy.
Statkraft’s Perspective
The divestment is part of Statkraft’s global restructuring strategy, aimed at exiting its India platform and refocusing capital toward its core markets in Europe and South America.
Fernando de Lapuerta, Executive Vice-President, International at Statkraft, said the company remains committed to the global energy transition and will concentrate on regions where it can build scale and long-term competitiveness.
About LNJ Bhilwara Group
Founded in 1961, the LNJ Bhilwara Group operates across diverse sectors including textiles, graphite electrodes, IT-enabled services, and power generation. Through Bhilwara Energy Limited, the group develops and manages hydropower and renewable energy projects across India.
Summary
- LNJ Bhilwara Group acquires Statkraft’s 49% stake in Malana Power Company, making Bhilwara Energy the sole owner.
- Deal covers 86 MW Malana Hydropower Plant and 192 MW Allain Duhangan Hydropower Plant in Himachal Pradesh.
- Acquisition aligns with Bhilwara Energy’s plan to expand in renewable energy and power trading.
- Statkraft exits India platform to concentrate resources on Europe and South America.
- LNJ Bhilwara Group, established in 1961, has a diversified presence in energy, textiles, graphite electrodes, and IT services.
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