Aditya Birla Group strikes ₹17,200 crore deal to buy Shell's Sprng Energy

Aditya Birla Renewables Ltd. (ABRen), the renewable energy arm of Grasim Industries, has signed a definitive agreement to acquire 100% equity shares and securities of Solenergi Power, which owns the Sprng Energy group of companies, from Shell Overseas Investment BV, a wholly owned subsidiary of Shell PLC.

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

Deal Adds 5 GW Renewable Portfolio

The acquisition will add a contracted renewable energy portfolio of around 5 GWp, comprising 3.3 GWp of operational capacity and 1.7 GWp under construction, along with a development pipeline and grid connectivity assets.

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

The acquisition will be funded through a mix of debt, equity infusion from Grasim Industries, and funds managed by Global Infrastructure Partners, part of BlackRock.

Following the acquisition, ABRen said it will combine its strong presence in the commercial and industrial (C&I) renewable energy segment with Sprng Energy's utility-scale platform.

'Strengthening India's Energy Future'

Aditya Birla Group Chairman Kumar Mangalam Birla said the acquisition aligns with the group's long-term commitment to India's energy transition.

"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."

Calling the acquisition an important milestone, Birla said, "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."

Capacity To Double In Coming Years

Aditya Birla Group Director Aryaman Vikram Birla described the acquisition as "a pivotal moment" for the company's renewable energy business.

"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."

He said the addition of Sprng Energy's assets would strengthen the company's platform through high-quality renewable assets, creditworthy off-takers and 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."

Focus On Integration And Growth

ABRen Business Head Jayant Dua said the merger would combine complementary strengths across project development, engineering, procurement, construction and asset management.

"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."

"Our priority will be to ensure business continuity, deliver reliable clean power to customers, and continue building a best-in-class renewable energy platform," he added.

Transaction Expected By End Of 2026

The acquisition is expected to be completed before the end of calendar year 2026, subject to regulatory approvals and customary closing conditions.

ABRen currently has a renewable energy portfolio of around 4.4 GWp, making it one of India's largest commercial and industrial renewable energy platforms.

Sprng Energy operates large-scale solar and wind projects across India and has a contracted portfolio of about 5 GWp, including operational and under-construction assets supplying power to electricity distribution companies.