New Delhi: Diversified LNJ Bhilwara Group on Thursday said it has signed an agreement to acquire a 100 per cent stake in Mandakini Jal Urja, which is constructing a 76 MW hydro project in Uttarakhand, for an undisclosed amount. The agreement has been signed through a group company, Bhilwara Energy, to acquire the entire equity holding from Statkraft IH Holding AS, LNJ Bhilwara Group said in a statement.

However, the acquisition is “subject to customary conditions precedent”, it added. Upon the completion of the transaction, Bhilwara Energy will become the sole owner of Mandakini Jal Urja, which is constructing the 76 MW Phata Byung run-of-river hydroelectric project in Rudraprayag district, Uttarakhand, the group said without sharing any financial details of the deal.