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LNJ Bhilwara Acquires Statkraft’s 49 Percent Stake in Malana Power Company

LNJ Bhilwara Group has acquired Statkraft’s 49 percent stake in Malana Power Company, becoming the company's sole owner. Its portfolio includes the 86 MW Malana hydropower plant and 192 MW Allain Duhangan hydropower plants in Himachal Pradesh.

September 10, 2025. By Mrinmoy Dey

LNJ Bhilwara Group has announced that it has successfully acquired Statkraft's 49 percent minority stake in Malana Power Company. The acquisition makes Bhilwara Energy of LNJ Bhilwara Group the sole owner of the Malana Power Company.

The transaction includes Statkraft's stake in the 86 MW Malana Hydropower Plant and 192 MW Allain Duhangan Hydropower Plant, both located in Himachal Pradesh. These plants have been operated as 51:49 joint venture since 2004 and continue to supply flexible, clean energy to India's growing power demand.

Speaking about the development, Riju Jhunjhunwala, Managing Director, Bhilwara Energy, said, “Our long-standing partnership with Statkraft has been one of mutual learning and shared commitment to excellence. As we assume complete ownership of the Malana Power Company assets, LNJ Bhilwara Group is strategically positioned to scale its presence in the power sale business and actively explore new opportunities in renewable energy, with growth and technology at the core.”

Commenting on the transaction, Fernando de Lapuerta, Executive Vice President International at Statkraft, said, “We are very pleased with this transaction. Our partnership with the LNJ Bhilwara Group has been a cornerstone of our Indian hydropower operations. These projects, when commissioned, paved the way for private sector investments in hydropower in India and have since contributed flexible clean energy to the fast-growing Indian grid and regional development in Himachal Pradesh.”

He further added, “Statkraft remains committed to playing a significant role in the global energy transition. By reallocating capital to core markets in Europe and South America, we are positioning ourselves to deliver even greater value creation and impact.”

The transaction is in line with Statkraft's previously announced strategy to divest its India platform, allowing the Norwegian state-owned renewables company to sharpen its global focus on markets where it can achieve scale and long-term competitiveness.

With this acquisition, LNJ Bhilwara Group strengthen its position in clean energy and reaffirms its commitment to contributing to India's sustainable growth story.

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Hydropower projects in Himachal Pradesh