Bhilwara Energy To Raise Rs 500cr To Boost Battery Technology

Bhilwara Energy To Raise Rs 500cr To Boost Battery Technology

Singularity AMC, a growth equity firm backed by investor Madhusudan Kela and led by Yash Kela, along with its partners, has signed
definitive agreements to invest up to INR 500 crore in Bhilwara Energy Limited (BEL).

The investment will support BEL in creating an integrated energy transition platform, HEG Greentech1, focused on power assets, battery-grade anode materials, food-grade bottle-to-bottle recycling, graphene and advanced battery systems manufacturing for energy storage & electric vehicles.  BEL will use the capital to drive organic growth, establish new greenfield projects and pursue strategic acquisitions and partnerships, the firm said today.

Riju Jhunjhunwala, Managing Director, Bhilwara Energy Limited (BEL), welcomed the investment, stating, “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 capitalize on strategic growth opportunities, further strengthening our role in advancing India’s energy transition goals.”

Sharing the rationale behind this investment, Singularity AMC’s Co-Founder 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, the platform carries only execution risk –one that is well mitigated by the promoters’ proven track record of successfully executing adjacent businesses.”

HEG Greentech is the proposed resultant entity to be listed on the stock exchanges, after the demerger of Graphite Business and merger of BEL with residual HEG Limited, pursuant to the Scheme of Arrangement approved by the Board of Directors of HEG Limited on 22May 2024. Bhilwara Energy Limited (BEL) is a player in India’s renewable energy landscape, driving innovation across clean energy, energy storage, and battery pack solutions for electric vehicles. As part of the LNJ Bhilwara Group, BEL has a track record in developing and operating hydropower projects. Expanding beyond hydropower, BEL is leveraging the group’s deep expertise in advanced materials, including graphite electrode manufacturing, as well as its leadership in backward-integrated textiles and renewable power businesses, to build a diversified and sustainable energy platform.