LNJ Bhilwara Group to Acquire 100% Stake in Mandakini Jal Urja’s 76 MW Hydro Project in Uttarakhand

Diversified LNJ Bhilwara Group on Thursday announced that it has signed an agreement to acquire a 100 per cent stake in Mandakini Jal Urja, a company developing a 76 MW hydropower project in Uttarakhand, for an undisclosed consideration.

The acquisition is being executed through the group’s energy arm, Bhilwara Energy, which will acquire the entire equity holding from Statkraft IH Holding AS, the seller of the project, the group said in a statement.

Mandakini Jal Urja is currently constructing the hydroelectric project, which is expected to strengthen renewable energy capacity in Uttarakhand, a state with significant hydropower potential. The project aligns with India’s broader push to expand clean energy generation and diversify its renewable energy mix beyond solar and wind.

LNJ Bhilwara Group clarified that the transaction is subject to customary conditions precedent, including regulatory and contractual approvals, before completion.

The proposed acquisition marks another step in the group’s strategy to expand its presence in the renewable energy sector, particularly in hydropower, which offers stable base-load generation and complements variable renewable sources.