Aditya Birla Renewables Ltd (ABRen), a subsidiary of the Aditya Birla Group's flagship company Grasim Industries, has signed a definitive agreement to acquire 100% equity and other securities of Solenergi Power Pvt Ltd, the holding company of the Sprng Energy Group, from Shell Overseas Investment B.V., a wholly owned subsidiary of Shell Plc.
The transaction, valued at an enterprise value of Rs 17,200 crore ($1.8 billion), is among the largest acquisitions in India's renewable energy sector in terms of both value and scale, the Aditya Birla Group said in a statement on Monday.
The equity consideration payable to the seller will be determined after customary adjustments for debt, cash and other items specified in the transaction documents. The company did not disclose further financial details.
The acquisition will be funded through a mix of debt and equity, with capital being infused by Grasim Industries and funds managed by Global Infrastructure Partners (GIP), part of BlackRock. However, the company did not disclose the post-transaction shareholding of the partners.
The acquisition will add a renewable energy portfolio of 5 GWp, comprising 3.3 GWp of operational assets and 1.7 GWp under construction, to ABRen's existing portfolio of 9.3 GWp. While Aditya Birla Renewables has primarily focused on the commercial and industrial (C&I) segment, Sprng Energy has built a strong utility-scale renewable energy platform.
Commenting on the acquisition, Aditya Birla Group Chairman Kumar Mangalam Birla said, "The acquisition brings together two highly complementary platforms and marks an important milestone in our evolution. Together, we will have a diversified portfolio and a deep development pipeline that puts us on course to scale to over 20 GWp in the coming years."
Aryaman Vikram Birla, Director, Aditya Birla Renewables Ltd, described the acquisition as "a pivotal moment" in the company's ambition to build a national-scale renewable energy platform.
"By integrating Sprng Energy's high-quality utility-scale portfolio with our commercial and industrial capabilities, we are significantly enhancing both the strength and resilience of our combined platform," he said.
He added that the company has nearly achieved its 10 GWp capacity target ahead of schedule and is now on track to double its capacity over the next few years.
"The next phase of growth reflects not just scale, but a sharper focus on quality, execution and long-term value creation," he said.
The transaction is expected to be completed before the end of 2026, subject to regulatory approvals and customary closing conditions.
