Bhilwara Energy secures ₹500-crore investment for green energy expansion
Bhilwara Energy Ltd (BEL) announced yesterday it has approved a fund raise of up to ₹500 crore, led by Singularity AMC, a growth equity firm backed by investor Madhusudan Kela. The investment will support BEL’s efforts to create an integrated energy transition platform called HEG Greentech.
The funds will be directed toward organic growth, new greenfield projects, and strategic acquisitions in multiple sectors, including power assets, battery-grade anode materials, bottle-to-bottle recycling, graphene, and advanced battery systems manufacturing.
Riju Jhunjhunwala, Managing Director of BEL, said the investment demonstrates confidence in the company’s vision for advancing India’s energy transition goals.
Yash Kela, Cofounder and CIO of Singularity AMC, said HEG Greentech’s planned ₹3,000-crore capital expenditure is nearing financial closure, with execution being the primary remaining risk.
BEL, part of the LNJ Bhilwara Group, has historically focused on hydropower projects and is now expanding its portfolio. HEG Greentech is expected to be listed on the stock exchanges following the demerger of HEG Ltd’s graphite business and merger with BEL, as approved by HEG Ltd’s board of directors in May 2024.
The investment comes as India accelerates its transition to low-carbon energy with supportive government policies around battery materials, critical minerals, and sustainability.
