LNJ Bhilwara Group acquires Statkraft’s 49% stake in Malana Power, becomes sole owner

LNJ Bhilwara Group has completed the acquisition of Statkraft’s 49% minority stake in Malana Power Company Ltd, making its arm Bhilwara Energy Ltd the sole owner of the hydropower assets. HEG Ltd  and the LNJ Bhilwara Group are intricately linked, with HEG Ltd being a premier company within the group.

The deal marks a significant milestone in the conglomerate’s clean energy journey and strengthens its foothold in India’s power sector.

The acquisition covers Statkraft’s holdings in the Malana Hydropower Plant (86 MW) and the Allain Duhangan Hydropower Plant (192 MW) in Himachal Pradesh.

Both plants have been jointly operated as a 51:49 joint venture since 2004 and continue to supply flexible, clean energy to meet India’s growing electricity demand.

Announcing the development, Riju Jhunjhunwala, Managing Director of Bhilwara Energy, said, “Our long-standing partnership with Statkraft has been one of mutual learning and shared commitment to excellence. As we assume complete ownership of the Malana Power Company assets, LNJ Bhilwara Group is strategically positioned to scale its presence in the power sale business and actively explore new opportunities in renewable energy, with growth and technology at the core.”

From Statkraft’s perspective, the divestment aligns with its global strategy to reallocate resources.

Fernando de Lapuerta, Executive Vice President - at Statkraft, commented, “We are very pleased with this transaction. Our partnership with the LNJ Bhilwara Group has been a cornerstone of our Indian hydropower operations. These projects, when commissioned, paved the way for private sector investments in hydropower in India and have since contributed flexible clean energy to the fast-growing Indian grid and regional development in Himachal Pradesh.”

He added that Statkraft remains committed to the global energy transition, focusing on scaling up in its core markets in Europe and South America to deliver greater value and competitiveness.

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Shares of HEG Ltd ended higher on Tuesday, September 9, by 1.63% to ₹499 on the NSE.