HEG Limited has announced that its associate company, Bhilwara Energy Limited, has entered into a Share Purchase Agreement to acquire 100% equity shares of Mandakini Jal Urja Private Limited. This acquisition includes the 76 MW Phata Byung Hydroelectric Project, a run-of-the-river project under construction in Rudraprayag district, Uttarakhand. Upon completion, Bhilwara Energy's total hydro capacity will increase to 375 MW, strengthening its renewable energy portfolio and marking its entry into Uttarakhand. The transaction is subject to customary conditions precedent. Mr. Riju Jhunjhunwala, Managing Director of Bhilwara Energy, stated that the acquisition reflects the LNJ Bhilwara Group's commitment to building high-quality renewable energy assets and contributing to India's clean energy transition. Fernando de Lapuerta, Executive Vice President International at Statkraft, noted that this divestment aligns with Statkraft's global strategy to streamline its portfolio. Ernst & Young LLP acted as the sell-side M&A banker, with Cyril Amarchand Mangaldas and Singhania & Co. serving as legal advisors.
