LNJ Bhilwara acquires Statkraft's 49% stake to fully own Malana Power

LNJ Bhilwara Group has acquired Statkraft's 49 per cent stake in Malana Power, giving Bhilwara Energy complete ownership of two hydropower plants in Himachal Pradesh

LNJ Bhilwara, Statkraft, Malana Power, hydropower plants, Himachal Pradesh, Allain Duhangan, renewable energy, Bhilwara Energy, power sector acquisition, Indian energy market

  LNJ Bhilwara Group announced it has acquired Statkraft’s 49 per cent minority stake in Malana Power Company. With the acquisition, its arm Bhilwara Energy Ltd has become the sole owner of Malana Power.

 

The transaction includes Statkraft’s stake in the 86 megawatt Malana Hydropower Plant and the 192 MW Allain Duhangan Hydropower Plant, both located in Himachal Pradesh. These plants have been operated as 51:49 joint ventures since 2004.

 

“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,” Riju Jhunjhunwala, Managing Director, Bhilwara Energy, said.

 

 

The transaction is in line with Statkraft’s previously announced strategy to divest its India platform, allowing the Norwegian state-owned renewables company to sharpen its global focus on markets where it can achieve scale and long-term competitiveness.

 

“Statkraft remains committed to playing a significant role in the global energy transition. By reallocating capital to core markets in Europe and South America, we are positioning ourselves to deliver even greater value creation and impact,” said Fernando de Lapuerta, Executive Vice-President, International, Statkraft.

 

Established in 1961, the LNJ Bhilwara Group is present in textiles, graphite electrodes, power generation and IT-enabled services. Through its energy arm Bhilwara Energy Limited, the Group develops and operates hydro and renewable power projects across India.