NORWAY
COMPANY BUYS 49% IN BHILWARA HYDRO PROJECT
Norwegian energy
major SN Power has acquired 49% equity stake in the LNJ Bhilwara
group-promoted hydro-power venture, Malana Power Co. The stake
has been acquired at a cost of Rs 207 crore (about $45 million).
Malana Power will
expand its equity to offer the 49% stake to SN Power. The
Bhilwara group is learnt to have offered the stake at a premium
in the range of about Rs 30 a share to the Norwegian company.
Malana Power, which
has a 86-mw hydro-power project in Himachal Pradesh, has a
paid-up of about Rs 55 crore. Post-stake sale, the paid-up
would get almost doubled, sources said. The Bhilwara group
also has another hydro-power project, the 192-mw Allain Duhangan,
which is currently nearing financial closure. This will now
become a subsidiary of Malana Power.
After taking SN
Power on board, the Bhilwara group plans to make Malana Power
as its holding company for its future investments in the hydro-power
sector. "We are looking at setting up 3-4 new hydro-power
ventures.
Though nothing
has been finalised, the new projects could be in Uttaranchal
and Jharkhand, LNJ Bhilwara group chairman Ravi Jhunjhunwala
told ET. He said the new ventures would be set up as arms
of Malana.
