Diversified LNJ Bhilwara Group on Thursday said it has signed an agreement to acquire a 100 per cent stake in Mandakini Jal Urja, which is developing a 76 MW hydropower project in Uttarakhand. The acquisition will be executed through group company Bhilwara Energy, with the purchase price not disclosed.

The agreement involves the acquisition of the entire equity holding from Statkraft IH Holding AS and is subject to customary conditions precedent, the group said in a statement.

Upon completion of the transaction, Bhilwara Energy will become the sole owner of Mandakini Jal Urja, which is constructing the 76 MW Phata Byung run-of-river hydroelectric project in Rudraprayag district of Uttarakhand. The group did not provide financial details of the deal.

Riju Jhunjhunwala, Managing Director of Bhilwara Energy, said the acquisition would strengthen the company’s hydropower portfolio and reinforce its long-term strategy of investing in reliable and environmentally responsible power infrastructure. He added that the company looks forward to completing the transaction and accelerating the project towards timely commissioning.

Fernando de Lapuerta, Executive Vice President International at Statkraft, said the divestment aligns with the company’s global strategy to streamline its international portfolio and focus on select core markets. As Statkraft exits India, he said the company is confident that Bhilwara Energy has the capability and long-term vision to take the Phata Byung project forward and unlock value from the asset.

Headquartered in New Delhi, the LNJ Bhilwara Group has a diversified presence across sectors including power and renewables, graphite and textiles.