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LNJ Bhilwara Acquires Statkraft’s Stake to Gain Full Control of Malana Power Company

The LNJ Bhilwara Group has completed the acquisition of Statkraft’s 49% stake in Malana Power Company, becoming the sole owner of the entity. The deal covers Statkraft’s shareholding in the 86 MW Malana Hydropower Plant and the 192 MW Allain Duhangan Hydropower Plant in Himachal Pradesh. Both projects, developed as a 51:49 joint venture since 2004, continue to provide flexible and clean hydropower to India’s energy grid.

Riju Jhunjhunwala, Managing Director of Bhilwara Energy, emphasized that the acquisition allows the group to scale its power sale business and pursue further opportunities in renewables, with technology-driven growth at the center. Statkraft, while exiting the partnership, reaffirmed its commitment to the global energy transition, noting that reallocating resources to Europe and South America aligns with its long-term strategy.

The projects have historic significance as they were among the first private sector hydropower investments in India, contributing to both grid stability and regional development. By securing full ownership, LNJ Bhilwara strengthens its renewable energy portfolio and reasserts its role in advancing India’s sustainable power ambitions. Meanwhile, Statkraft’s divestment aligns with its broader strategy of consolidating efforts in core global markets.