Grasim Industries’ subsidiary -- Aditya Birla Renewables (ABRen) 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 B.V., a wholly owned subsidiary of Shell PLC.
This transaction is amongst the largest acquisitions in India's renewable energy sector, both by value and scale. The transaction values the business at an enterprise value of Rs 17,200 crore (Around $1.8 billion). The equity consideration payable to the seller will be determined after adjusting for debt, cash, and other items as specified in the transaction documents. The acquisition is proposed to be funded through a mix of debt and equity infusion from Grasim Industries and funds managed by Global Infrastructure Partners (a part of BlackRock). This transaction adds a contracted portfolio of around 5 GWp capacity (around 3.3 GWp of operational capacity and around 1.7 GWp of under-construction capacity) 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.
Grasim Industries is a flagship company of Aditya Birla Group. The company’s businesses comprise viscose staple fibre, cement, chemicals and textiles.
| Company Name | CMP |
|---|---|
| Grasim Industries | 3111.40 |
| DCM Shriram | 1023.00 |
| 3M India | 34880.35 |
| Hindustan Foods | 558.05 |
| Balmer Lawrie & Co | 178.25 |
| View more.. | |
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