Bhilwara Energy Limited, an associate company of HEG Limited, will acquire 100% equity in Mandakini Jal Urja Private Limited, which owns the 76 MW Phata Byung Hydroelectric Project in Uttarakhand. This acquisition marks Bhilwara Energy’s entry into Uttarakhand’s hydropower sector and aligns with its vision of developing sustainable energy assets. The project is currently under construction.
Bhilwara Energy Expands Hydropower Portfolio
Bhilwara Energy Limited (BEL), part of the LNJ Bhilwara Group, has signed an agreement to acquire 100% equity shares of M/s Mandakini Jal Urja Private Limited. This acquisition will add the 76 MW Phata Byung Hydroelectric Project to its portfolio, located in Rudraprayag district, Uttarakhand.
Strategic Rationale
The Phata Byung Hydroelectric Project is a run-of-the-river project. According to the announcement made on December 24, 2025, this acquisition strengthens BEL’s role in renewable energy and aligns with the company’s long-term vision for sustainable power generation. The project is expected to contribute significantly to India’s clean energy transition.
Comments on the Acquisition
Mr. Riju Jhunjhunwala, Managing Director of Bhilwara Energy, stated that the acquisition demonstrates the LNJ Bhilwara Group’s commitment to building high-quality renewable energy assets. He emphasized that the project will strengthen their hydropower portfolio and reinforce their approach to investing in dependable power infrastructure.
Statkraft’s Perspective
Fernando de Lapuerta, Executive Vice President International at Statkraft, noted that the divestment aligns with their global strategy to streamline their international portfolio. He expressed confidence in Bhilwara Energy’s ability to advance the Phata Byung Hydroelectric Project.
Source: BSE
