Bhilwara Energy Becomes Sole Owner of Malana Power
Bhilwara Energy announced the acquisition of Statkraft's 49% stake in Malana Power Company, making it the sole owner. The transaction involves stakes in two hydropower plants in Himachal Pradesh, expanding Bhilwara's influence in India's power sector and its pursuit of renewable energy opportunities.
- Country:
- India
Bhilwara Energy has taken full control of Malana Power Company after acquiring the remaining 49% stake held by Statkraft. This strategic move transforms Bhilwara Energy into the sole proprietor of the power company, as confirmed by a company statement.
The acquisition involves Statkraft's stake in two key hydropower plants: Malana (86 MW) and Allain Duhangan (192 MW), both situated in the state of Himachal Pradesh. These plants have been joint ventures since 2004 and they continue to serve India's increasing power needs.
Riju Jhunjhunwala, Managing Director of Bhilwara Energy, highlighted their commitment to expanding their footprint in the power sector through this acquisition. He emphasized their aim to explore renewable energy opportunities, with a focus on growth and technology.
(With inputs from agencies.)
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