Grasim unit acquires Shell's renewable energy business for Rs 17,200 crore
Aditya Birla Renewables, a subsidiary of Grasim Industries Ltd, part of the Aditya Birla group, has signed an agreement to acquire Solenergi Power Pvt Ltd from Shell Overseas Investment B.V. Solenergi owns the Sprng Energy group of companies. The transaction is valued at an enterprise value of Rs 17,200 crore (approximately $1.8 billion).
The acquisition is one of the largest in India's renewable energy sector in terms of value and scale. It marks a significant move by the Aditya Birla group to expand its presence in clean energy.
According to the company statement, the equity consideration payable to Shell will be determined after adjusting for debt, cash, and other items. The acquisition is proposed to be funded through a mix of debt and equity infusion from Grasim and funds managed by Global Infrastructure Partners, a part of Blackrock.
The deal reflects the growing interest of Indian conglomerates in renewable energy, aligning with the country's target of achieving 500 GW of non-fossil fuel capacity by 2030. Sprng Energy operates a portfolio of solar and wind power assets across India, with a total capacity of about 1.7 GW.
Aditya Birla group had previously announced plans to invest in renewable energy as part of its sustainability goals. The acquisition is subject to regulatory approvals and is expected to close in the coming months.
This transaction does not involve any change in the management or operations of Sprng Energy in the immediate term, the company confirmed.