HEG Ltd. — Capital/Financing Update 2025

Dec 24, 2025

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HEG/SECTT/2025

24[th] December, 2025

	BSE LimitedP J TowersDalal StreetMUMBAI - 400 001.Scrip Code : 509631	2	National Stock Exchange of India LimitedExchange Plaza, 5thFloorPlot No.C/1, G Block, Bandra - Kurla ComplexBandra (E), MUMBAI - 400 051.Scrip Code : HEG

Sub: Disclosure pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 – Press Release issued by Bhilwara Energy Limited (Associate Company) of the Company.

Dear Sir/Madam,

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find attached the press release which is being issued by Bhilwara Energy Limited (Associate Company) of the Company, announcing the acquisition of 100% Stake in 76 MW Phata Byung Hydroelectric Project in Uttarakhand.

The above information is also being made available on the website of the Company i.e. www.hegltd.com.

This is for your information and records.

Thanking you,

Yours faithfully, For HEG Limited

VIVEK Digitally signed by CHAUDHAR VIVEK CHAUDHARY Date: 2025.12.24 Y 18:02:43 +05'30'

(Vivek Chaudhary) Company Secretary M.No. A-13263 heg.investor@lnjbhilwara.com

Encl. as above

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Bhilwara Energy Limited to Acquire 100% Stake in 76 MW Phata Byung Hydroelectric Project in U�arakhand

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• Acquisition strengthens hydropower portfolio; marks Bhilwara Energy’s entry into Uttarakhand

• Total hydro capacity to rise to 375 MW

• Strengthens role in renewable footprint in India

• Aligns with company’s long-term vision of developing reliable, sustainable and indigenous power assets

• Reinforces long-term commitment to India’s clean energy transition

Na�onal, December 24, 2025: LNJ Bhilwara Group, one of India’s leading business conglomerates with a strong presence in the renewable energy sector, through its power sector arm M/s Bhilwara Energy Limited has entered into an Share Purchase Agreement to acquire 100% equity shares of M/s Mandakini Jal Urja Private Limited from M/s Statkra� IH Holding AS, subject to customary condi�ons precedent. Upon comple�on of the transac�on, Bhilwara Energy Limited will become the sole owner of the company, marking a significant step in strengthening its hydropower por�olio in India and also mark its presence in development of Hydro Power Project in U�arakhand.

The acquisi�on includes the 76 MW Phata Byung Hydroelectric Project, a run-of-the-river hydroelectric project currently under construc�on and located in Rudraprayag district, U�arakhand. The project is a strategic addi�on to Bhilwara Energy’s renewable por�olio and aligns with the Group’s long-term vision of developing reliable, sustainable and indigenous power genera�on assets across India.

Speaking about the development, Mr. Riju Jhunjhunwala, Managing Director, Bhilwara Energy , said, “This acquisi�on reflects LNJ Bhilwara Group’s con�nued commitment to building high-quality renewable energy assets that contribute meaningfully to India’s clean energy transi�on. This project strengthens our hydropower por�olio and reinforces our long-term approach of inves�ng in dependable, environmentally responsible power infrastructure. We look forward to comple�ng the transac�on and accelera�ng the project towards �mely commissioning.”

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With this acquisi�on, Bhilwara Energy Limited reinforces its commitment to expanding India’s renewable energy capacity through focused investments in hydropower and con�nues to play a meaningful role in advancing the country’s sustainable growth and clean energy objec�ves.

Commen�ng on the acquisi�on, Fernando de Lapuerta, Execu�ve Vice President Interna�onal at Statkra� , said, “This divestment is aligned with our global strategy to streamline the interna�onal por�olio and focus on select core markets. As we exit India, we are confident that Bhilwara Energy Limited, our partners for two decades, has the capability and long-term vision to take the Phata Byung Hydroelectric Project forward and deliver value from the asset. I am also glad that this offers new opportuni�es for our competent employees following the transac�on.”

Ernst & Young LLP acted as the exclusive sell side M&A banker with Cyril Amarchand Mangaldas ac�ng as legal advisor to Statkra�. Singhania & Co acted as legal advisors to Bhilwara Energy.

About LNJ Bhilwara Group: Established in 1961, the LNJ Bhilwara Group is one of India's most respected and diversified business conglomerates with a strong presence across tex�les, graphite electrodes, power genera�on, IT-enabled services, and other sectors. The Group has been a pioneer in India's power sector, with a focus on renewable energy and sustainable development. Through its energy arm, Bhilwara Energy Limited, the Group has developed and operated several hydro and renewable power projects across the country, contribu�ng significantly to India's clean energy transi�on.

About StatKra�: Statkra� is a leading company in hydropower interna�onally and Europe’s largest generator of renewable energy. The Group produces hydropower, wind power, solar power, gas-fired power and supplies district hea�ng. Statkra� is a global company in energy market opera�ons. Statkra� has around 7,000 employees in more than 20 countries.