Bhilwara Energy (Associate of HEG) Acquires 76 MW Hydro Project in Uttarakhand
Bhilwara Energy Limited, an associate of HEG Limited, is acquiring 100% stake in the 76 MW Phata Byung Hydroelectric Project in Uttarakhand. This acquisition will increase Bhilwara Energy's total hydro capacity to 375 MW and marks its entry into the Uttarakhand hydropower sector.
While the acquisition is significant for the associate company, its direct impact on HEG's consolidated financials might be moderate, depending on the proportion of ownership and the project's contribution.
The acquisition of a new hydroelectric project is a positive development for Bhilwara Energy, expanding its renewable energy portfolio and capacity.
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.
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HEG Limited filed this with the NSE as a statutory disclosure, categorised under acquisition. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by HEG Limited. Read the original for the full detail.