Grasim arm to acquire Shell-backed Sprng Energy for ₹17,200 crore: All you need to know

Shares of Grasim Industries will be in the spotlight on Tuesday, July 14, following a big acquisition deal the company announced last evening.

In its press release, the company said that Aditya Birla Renewables Limited (ABRen), a subsidiary of Grasim Industries Ltd., has announced the signing of a definitive agreement to acquire 100% equity shares and securities of Solenergi Power Private Limited, which owns the Sprng Energy group of companies, from Shell Overseas Investment B.V., a wholly owned subsidiary of Shell PLC.

The transaction is among the largest acquisitions in India's renewable energy sector by value and scale. It values the business at an enterprise value of ₹17,200 crore (approximately US$1.8 billion).

The equity consideration payable to the seller will be determined after adjustments for debt, cash and other items as specified in the transaction documents.

Key details to know

The acquisition is proposed to be funded through a mix of debt and equity infusion from Grasim and funds managed by Global Infrastructure Partners (part of BlackRock). It adds a contracted portfolio of around 5 GWp capacity, including approximately 3.3 GWp operational capacity and 1.7 GWp under construction, along with a strong connectivity and development pipeline.

"The acquisition significantly accelerates ABRen's renewable energy growth ambitions by combining its strong presence in the Commercial & Industrial (C&I) segment with Sprng Energy's complementary utility-scale platform," the press release added.

Here is what top officials said

• "Over a long arc of time, the Aditya Birla Group has built businesses at global scale that have contributed to India's long-term growth, be it in building materials, metals, financial services, or retail. We view India's energy transition through the same lens. At its core, this is about strengthening our nation's energy future, enhancing industrial competitiveness, and creating the foundations for sustained economic growth.
• This acquisition brings together two highly complementary platforms and marks an important milestone in ABRen's evolution. Together, we will have a diversified portfolio and a deep development pipeline that puts us on course to scale to 20 GWp+ in the coming years. More importantly, it positions us to participate meaningfully in one of the largest energy transformations underway anywhere in the world."

• "This acquisition is a pivotal moment in ABRen's evolution, rapidly accelerating our ambition to build a top-tier renewable energy platform at national scale. By integrating Sprng Energy's high-quality utilities portfolio with our C&I capabilities, we are significantly enhancing both the strength and resilience of our combined platform. Additionally, Sprng Energy brings a high-quality asset base, creditworthy off-takers and strong contracted cash flows.
• Having almost achieved our ~10 GWp target ahead of time, we are now on track to double capacity in the next few years. This step-up reflects not just scale, but a sharper focus on quality, execution, and long-term value creation."

Jayant Dua, Business Head, Aditya Birla Renewables Limited

• "This combination brings together two strong renewable energy platforms with complementary capabilities, geographical presence, customer relationships, and a talented pool of professionals across key functional areas. By leveraging our collective expertise across project development, engineering, procurement, construction, and asset management, we believe we can unlock meaningful operational synergies, significantly deepen our organizational capabilities, and accelerate project execution. Our priority will be to ensure business continuity, deliver reliable clean power to customers, and continue building a best-in-class renewable energy platform."

The transaction is expected to be completed before the end of calendar year 2026, subject to receipt of necessary regulatory approvals and satisfaction of other customary conditions under the transaction documents.

Details about companies

Aditya Birla Renewables Limited (ABRen) is the renewable energy business of the Aditya Birla Group and a subsidiary of Grasim Industries. The company has a renewable energy portfolio of around 4.4 GWp, with a focus on the commercial and industrial (C&I) segment.

ABRen develops and operates captive renewable energy projects for corporate customers, including Grasim Industries, Hindalco, UltraTech Cement and Century Enka. It also supplies renewable power to state-owned utilities in states such as Gujarat, Karnataka, Maharashtra and Odisha.

Shell PLC is a global energy and petrochemicals company with operations in more than 70 countries. Its businesses include oil and gas exploration and production, fuels, lubricants, chemicals, and low-carbon energy solutions.

Sprng Energy is a renewable energy platform in India that develops and operates utility-scale solar and wind power projects. It supplies electricity to distribution companies and has a contracted renewable energy portfolio of around 5 GWp, comprising approximately 3.3 GWp of operational capacity and 1.7 GWp under construction.