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Singularity AMC to Invest INR 500 Crore in Bhilwara Energy

Singularity AMC has signed definitive agreements to invest up to INR 500 crore in Bhilwara Energy Ltd. to support the development of HEG Greentech, an integrated energy transition platform focused on power assets, battery materials, recycling, and energy storage solutions.

March 11, 2025. By Mrinmoy Dey

Singularity AMC, a growth equity firm, has signed definitive agreements to invest up to INR 500 crore in Bhilwara Energy Ltd. (BEL).

The investment will support BEL in creating an integrated energy transition platform, HEG Greentech, focused on power assets, battery-grade anode materials, food-grade bottle-to-bottle recycling, graphene and advanced battery systems manufacturing for energy storage and electric vehicles.

BEL will use the capital to drive organic growth, establish new greenfield projects and pursue strategic acquisitions and partnerships.

Commenting on the development, Riju Jhunjhunwala, Managing Director, Bhilwara Energy Ltd. said, “We are delighted by the confidence that Singularity AMC, Madhusudan Kela and Yash Kela have placed in BEL’s vision and potential. This investment will empower us to scale our operations, drive innovation, and capitalise on strategic growth opportunities, further strengthening our role in advancing India's energy transition goals.”

Sharing the rationale behind this investment, Singularity AMC’s Cofounder and CIO Yash Kela, said, “HEG Greentech is a diversified energy transition platform with presence across multiple strategic segments. Supporting this are robust cash flow from power assets and a strong, zero-debt balance sheet. With financial closure nearing completion to execute the planned capex of INR 3,000 crore, platform carries only execution risk – one that is well mitigated by the promoters’ proven track record of successfully executing adjacent businesses. Ravi Jhunjhunwala and Riju Jhunjhunwala have a great vision and have put a great team together across each business vertical. We are excited to support this platform and the opportunities that lie ahead.”

India's energy transition is gaining momentum with ambitious renewable energy targets, supportive government policies around advanced battery materials, critical minerals and circularity. With growing private sector investments, India is emerging as a global leader in the transition to low-carbon energy.

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Advanced battery systems manufacturing

BESS solutions

Integrated energy transition platform