Aditya Birla Renewables, a subsidiary of Grasim Industries, signed a definitive agreement on 13 July to buy Shell's Indian renewables business Sprng Energy at an enterprise value of ₹17,200 crore, or about US$1.8bn.
Why Aditya Birla Renewables Limited (Grasim Industries) is buying Sprng Energy (Solenergi Power Private Limited)
The group said the deal combines ABRen's commercial and industrial business with Sprng's utility-scale platform, adding about 5 GWp of contracted capacity (3.3 GWp operating and 1.7 GWp under construction) plus connectivity and a development pipeline, and puts it on course to exceed 20 GWp.
“This acquisition brings together two highly complementary platforms and marks an important milestone in ABRen's evolution.”
Deal terms and financing
ABRen is buying all equity shares and securities of Solenergi Power from Shell Overseas Investment B.V.; the equity consideration will be set after adjusting for debt, cash and other items. Funding is a mix of debt and equity from Grasim and funds managed by Global Infrastructure Partners, part of BlackRock.
Regulatory approvals and timing
Completion is expected before the end of calendar 2026, subject to approvals from the Competition Commission of India and the Central Transmission Utility of India and other customary conditions.
Market context
Shell bought Sprng Energy from Actis in 2022 for US$1.55bn. Its sale is part of Shell's move to high-grade its power portfolio, and the auction drew bidders including Actis, KKR, a NIIF-Temasek consortium and Sembcorp, according to Power Line.
