M&A

M&A

LNJ Bhilwara Group acquires Norwegian co. Statkraft's 49% stake in Malana Power

Business Standard  

Noida-based LNJ Bhilwara Group has acquired a 49% minority stake in Malana Power Company from Norway-based Statkraft. Its arm, Bhilwara Energy Ltd, has become the sole owner of Malana Power.The acquisition covers Statkraft’s holdings in the Malana Hydropower Plant (86 MW) and the Allain Duhangan Hydropower Plant (192 MW) in Himachal Pradesh. Both plants have been jointly operated as 51:49 joint ventures since 2004.Established in 1961, the LNJ Bhilwara Group is present in textiles, graphite electrodes, power generation and IT-enabled services. Through Bhilwara Energy Ltd, the group develops and operates hydro and renewable power projects across India.